What is the definition of Medical Information Bureau (MIB)?
The Medical Information Bureau, currently known as MIB Inc., is a facility that provides and maintains records regarding the health history of people who apply for life and health insurance. However, those who have access to the MIB information should also be a member of MIB.
This central computerized facility enables people from different states to view the health history of an individual, even if this individual is located or used to live in another state.
MIB, Inc. was formed in order to prevent misrepresentation and fraud by applicants of life and health insurance. Insurance companies use this to compare one person's applications for insurance. An applicant may, inadvertently or intentionally, not disclose information that he previously gave to an application where he was rejected.
This benefits honest applicants, since premiums are affected by claims payments, especially if these are payments for fraudulent claims.
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- Medical Malpractice Insurance
- Medical Payments Insurance
- Medical Utilization Review
- Medicare
- Medigap (Medsup)
- MIB, Inc.
- Mine Subsidence Coverage
- Misrepresentation
- Misstatement of Age or Sex Provision
- Modified Premium Policies
- Medicaid
- Mediation
- McCarran-Ferguson Act
- Maturity Date
- Marine Insurance
- Manual
- Managed Care
- Malpractice Insurance
- L-Share Variable Annuity
- Loss Reserves