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The Medical Information Bureau (MIB) provides a collection of private medical and non-medical (hazardous avocations, hobbies, and driving violations) data. The primary purpose of the MIB is to furnish the exchange of underwriting information between its member companies.
Member companies are compelled to report a coded summary of conditions and conclusions which may be important to the proposed insured’s health or life expectancy thereby helping to minimize risk and reduce costs. The MIB also warns members if the applicant has just recently applied for life insurance with other insurers – this helps protect against over-insurance.
When does the Medical Information Bureau obtain the Information?
When a prospective insured’s application is presented to one of the MIB member companies, any information that is considered significant (whether admitted on the application or discovered during underwriting), is transmitted securely to the MIB if they believe the details are pertinent to the applicant’s health or vitality.
How are codes are used by the MIB?
The insurance applicant’s information that is transmitted to the MIB is done so in a coded and encrypted format making sure that the sensitive information is completely protected. These special codes consist of the category of the impairment (such as cardiac, cancer, etc.), the origin of the critical information , and the estimated date of the specific information.
A sample of a code – The applicant had a heart attack in 1980 which was listed in his medical records. A code would then be transmitted to the MIB with the appropriate information: heart history, 1980, found in APS.
Do the MIB codes Reveal the Carrier and the Underwriting Decision?
The codes in the MIB database do not identify the particular insurer that transmitted the code or what the final underwriting action (such as decline, rating, or postponement) was taken by the insurer. Medical Information Bureau guidelines state that no insurer can take underwriting action using the MIB code alone.
Codes function only as an alert to potential substantial underwriting facts – it is up to the insurance company’s underwriters to examine this important information before making the ultimate decision. MIB does not and will not preserve or hold on to any records, exams or other sensitive information.
FAQs from Consumers
For more information about the Medical Information Bureau and how it may or may not affect your insurance application, contact the insurance professionals at LifeInsure.com (866) 868-0099 during normal business hours, or you can contact us through our website at your convenience.
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