Life · Chapter 7 · Underwriting Info Sources
Medical Information Bureau (MIB)
Definition
A nonprofit member-owned bureau of North American life/health insurers (roughly 430 members today; older course materials say 600–700) that shares coded medical and lifestyle information from past applications. Catches omitted/concealed conditions, flags multiple simultaneous applications (overinsurance/replacement), and helps keep premiums fair by preventing fraud.
Exam tip
MIB info is available to MEMBER companies only, used ONLY for underwriting and claims. Medical details may be released to the applicant's PHYSICIAN, and the applicant can request a free copy of their own file annually and dispute it under the FCRA (MIB is a consumer reporting agency). An insurer canNOT decline solely on an MIB code.
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