Understanding the MIB and Medical History Disclosure

What is the Medical Information Bureau (MIB) and how does it influence your life insurance application process?

What is the Medical Information Bureau (MIB)?

The Medical Information Bureau (MIB) is a non-profit organization that maintains a database of medical information on individuals.  It is primarily used by insurance companies to assess the risk of insuring an individual.  Founded in 1902, the MIB aims to prevent fraud and ensure that premiums are set at appropriate levels based on accurate health information.

The MIB does not collect information directly from individuals but rather from its member insurance companies.  When a person applies for health, life, disability, long-term care, or critical illness insurance, the insurance company may report certain medical conditions and underwriting decisions to the MIB.  This shared information helps insurers make informed decisions during the underwriting process.

How Does the MIB Collect and Use Your Medical Data?

The MIB collects medical data from member insurance companies when individuals apply for insurance.  This information can include medical conditions, hazardous avocations, and driving records.  The data is coded to protect the individual's privacy and is used solely for the purpose of underwriting insurance policies.

When you apply for insurance,  the insurer checks the MIB database to see if there are any records that could affect your application.  This helps them verify the information you provided and assess the risk.  The MIB's role is to ensure that the underwriting process is fair and that premiums are based on accurate and complete information.

The Role of MIB in Life Insurance Applications

In life insurance applications, the MIB plays a crucial role in verifying the information provided by the applicant.  When you apply for life insurance,  the insurer may request your MIB record to check for any discrepancies or previously reported medical conditions.  This helps them determine whether you are a suitable candidate for the policy and at what premium rate.

By sharing information through the MIB, insurance companies can reduce the risk of fraudulent claims and ensure that premiums are set appropriately.  This benefits both the insurer and the insured by maintaining the integrity of the insurance system.

How to Access and Understand Your MIB Medical File

Individuals have the right to access their MIB medical file.  To do so, you can request a free copy of your report once a year by visiting the MIB’s website or calling their toll-free number.  You will need to provide some personal information to verify your identity, such as your name, date of birth, and Social Security number.

Once you receive your MIB report, review it carefully to ensure that all the information is accurate.  The report will contain coded entries, which you can decode using the guide provided by the MIB.  Understanding your MIB file can help you be aware of what insurance companies see when you apply for coverage.

Steps to Correct Errors in Your MIB Report

If you find errors in your MIB report, it is important to correct them to ensure that your insurance applications are not unfairly impacted.  To correct any inaccuracies, you can contact the MIB directly and provide them with evidence to support your claim.  This might include medical records, statements from your doctor, or other relevant documents.

The MIB will investigate your claim and, if necessary, update your record.  You will be notified of the outcome and any changes made. Correcting errors in your MIB report can help ensure that you receive fair treatment from insurance companies and that your premiums are based on accurate information.