This organization was established in 1902. The Medical Information Bureau (MIB) is a non-profit association of life insurance companies. Its purpose is to detect and deter fraud by providing warnings called, alerts, to member companies.
A central computerized facility that keeps on file the health history of the applicants for life and health insurance with member MIB companies. This information is made available to insurance companies for the purpose of evaluating an applicant's insurability and preventing fraud.
A cooperative organization formed by life insurers to exchange information about the physical condition of prior applicants. It provides only physical and health information.
A clearinghouse that stores information on the health histories of persons who have applied for insurance from subscribing companies. Insurers use this to get more thorough underwriting information.
Founded in 1902, the MIB is a fraud protection bureau that serves as a medical information clearing house supported by more than 600 member insurance companies, which share information about applicants. All information is coded to assure confidentiality, and access is strictly limited. Information is used to protect against the omission of significant underwriting information by applicants. Reports do not include information regarding whether or not an application is accepted or declined.
An organization that serves as a clearinghouse of medical information for the life insurance industry. When a person applies for life insurance, the life insurance company generally sends out the applicant's medical test results and any other collected medical information that suggests health impairment to the MIB. Access to MIB information is restricted to authorized medical, underwriting and claims personnel in life insurance companies who participate in MIB services. No insurance company can request MIB information on a life insurance applicant without the applicant's permission. An insurance company cannot base its underwriting decision solely upon MIB supplied information.
Bureau whose purpose is to supply underwriting information in life and health insurance to member companies, which report any health impairments of an applicant for insurance. inor Child A person who has not yet reached the legal age of majority. This age can differ with each state, but generally is between 16 and 21 years. The term does not apply to an emancipated minor.
A data service that collects and stores coded medical information on persons who have applied for insurance from subscribing companies in the past.
A private company that collects medical information on behalf of life insurance companies who are affiliated MIB members. Member companies are required to provide brief, coded reports of individual medical histories of policy holders to MIB on a confidential basis. However, these reports do not include information pertaining to whether or not an application has been issued, rated or declined.
The organization that maintains a secure, centralized computer facility that stores the coded health history of persons who have applied for insurance from subscribing companies in the past. This information is then available to other insurance companies for future insurability evaluations. For more informations, you may visit the MIB website at http://www.mib.com/.
A private company that collects medical information on behalf of life insurance companies who are members of MIB. Member companies are required to provide brief, coded reports of individual medical histories of customers to MIB on a confidential basis. These reports do not include indication as to whether or not an application is issued, rated or declined.
An association of over 500 U.S. and Canadian life insurance companies providing information and database management services to the financial services industry. Organized in 1902, MIB's core fraud protection services protect insurers, policyholders and applicants from attempts to conceal or omit information material to the sound and equitable underwriting of life, health, disability, and long term care insurance. Fair pricing of insurance products is largely dependent on accurate "risk assessment", "risk classification", and "risk selection". A determination of these factors begins with the assurance of accurate health information supplied on the insurance application concerning the proposed insured. Visit MIB on the Web...
An organization that serves as a clearinghouse for medical information for the life insurance industry. When a person applies for life insurance, the insurance company sends the applicant's medical test results and any indication of health impairments to the MIB. This information is then available to other insurers when they are investigating an applicant's insurability. Access to MIB-coded information is restricted to authorized medical, underwriting, and claim personnel in member companies. No member company can request information from the MIB unless the individual being investigated gives written consent. An insurance company cannot base its underwriting decision solely on information provided by the MIB.
A service utilized by all life insurance companies who are members of the MIB. Member companies are required to provide brief, coded reports of significant underwriting information to the MIB on a confidential basis. These reports do not include indication whether or not an application is issued, rated or declined. The information is used to protect against the omission of significant underwriting information by applicants. Only member companies have access to this information.
The MIB is a non-profit association of life insurance companies. Its purpose is to detect and deter fraud by providing warnings – called alerts – to member companies. For example, if an insurance applicant advised one insurance company of a heart attack and then applied to another insurance company omitting this history, codes reported by the first insurance company indicating a heart attack would alert the second insurance company to the undisclosed history.
A data pool service that stores coded information on the health histories of persons who have applied for insurance from subscribing companies in the past. Most Life and Health insurers subscribe to this bureau to get more complete underwriting information.
Sort of like the credit bureau for medical information. This organization keeps health histories of people who have applied for life and health insurance and shares the information with subscribing insurers.
All responses on a policy application are subject to submission to the MIB, an independent entity that collects and stores medical data on life and health insurance applicants. This information is exchanged among member insurance companies with written authorization of the insured. Its purpose is to prevent applicant fraud and to help insurers discover withheld information that may be contained in the database.
A data pool service that stores information on the health histories of persons who have applied for insurance in the past. Most Life and Health insurers subscribe to this bureau to get more complete underwriting information on health insurance applicants.
MIB Group, Inc., also known as the Medical Information Bureau, is a nonprofit credit rating agency serving the North American insurance industry.