What does the Medical Information Bureau (MIB) do?

The Medical Information Bureau (MIB) plays a crucial role in the insurance industry by maintaining a comprehensive database of medical information on individuals seeking insurance coverage. This database is primarily used by insurance companies to evaluate the health risk of applicants. When an individual applies for life insurance, the insurer can request access to information from the MIB to obtain insights into the applicant’s medical history, including previous medical conditions, treatments, and any other relevant health data. This helps insurers make informed decisions about underwriting and pricing policies.

This role is significant because it facilitates a standard process for insurers to access pertinent medical details, thereby assisting in determining coverage eligibility and premium rates. The information helps prevent insurance fraud by allowing insurers to verify discrepancies between what applicants report and their actual medical history.