What is the definition of MIB, Inc.?
MIB, Inc., formerly known as the Medical Information Bureau, is a centralized and computerized information system that provides insurance companies with data that applicants for insurance have admitted to in their applications.
There may be a situation where an applicant for insurance states his health condition while applying for life or health insurance and he gets rejected or rated because of the information he divulged. He may decide not to disclose the same information when he tries to again apply for insurance from another insurance company.
To prevent misrepresentation or fraud from happening, an insurance company will check with MIB, Inc. to see if there are previous information disclosed by the proposed insured that he withheld from his current application.
MIB is a non-profit organization.
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- Mine Subsidence Coverage
- Misrepresentation
- Misstatement of Age or Sex Provision
- Modified Premium Policies
- Money Supply
- Moral Hazard
- Morbidity Rate
- Mortality and Expense (M&E) Risk Charge
- Mortality Rate
- Mortgage Guarantee Insurance
- Medigap (Medsup)
- Medicare
- Medical Utilization Review
- Medical Payments Insurance
- Medical Malpractice Insurance
- Medical Information Bureau
- Medicaid
- Mediation
- McCarran-Ferguson Act
- Maturity Date