What does commingling refer to?

Commingling specifically refers to the practice of mixing personal funds with insured funds. This can create significant legal and ethical issues, particularly in the insurance and financial sectors, as it can obscure the separation of personal and business assets. Maintaining clear boundaries between personal and business finances is crucial for ensuring compliance with regulatory standards and for maintaining accurate financial records. Therefore, the definition aligns exactly with the concept of commingling, making it essential for professionals in this field to understand the implications and importance of keeping these funds separate.