Definition of Unemployment Insurance

Unemployment insurance is a joint program funded through both the federal government and the states. If you have ever been fired from a job you are likely eligible for unemployment insurance. The amount you can claim and the amount of time you can claim varies depending on the state you live in. Unemployment insurance or compensation is designed to help workers who become employed continue to meet their financial obligations until they find another job. The advantages to having unemployment insurance is to help unemployed workers meet their financial obligations and to help sustain local communities. If a larger portion of a workforce is laid off or fired small towns and communities suffer also. Not only does regular wages pay bills and mortgages they also purchase g View the rest of this article