What is the Medical Information Bureau?
The Medical Information Bureau (MIB) is an organization that maintains a database of medical and health-related information shared by member insurance companies. This data is used during the underwriting process to assess an applicant’s risk level for life, health, and disability insurance. The MIB helps insurance companies verify the accuracy of information provided by applicants, reduce fraud, and make informed decisions about coverage and premium rates.
When an individual applies for insurance, the insurer may check the MIB to see if any medical history or information was reported by other insurance companies in past applications. The information in the MIB includes medical conditions, hazardous hobbies, driving records, and other factors that could impact an applicant’s insurability. It does not contain detailed medical records but rather codes that indicate potential risk factors.
The MIB is a key part of the insurance industry’s effort to maintain fair and accurate underwriting. Consumers have the right to request a free copy of their MIB report annually to ensure that the information is correct and to dispute any inaccuracies that might affect their ability to obtain insurance.