What does "MIB" stand for in the context of insurance?

In the context of insurance, "MIB" stands for Medical Information Bureau. The MIB serves as a vital resource for insurance companies by providing information about applicants' medical histories that may impact their eligibility for coverage and the rates they are offered. This organization collects and maintains data on individuals who have applied for life, health, and disability insurance and helps insurers assess risk by revealing previous medical conditions, treatments, and other relevant health information.

When an insurer is underwriting a policy, they can request reports from the MIB to make informed decisions. This helps in preventing fraud, ensuring that underwriters have a clear view of an applicant's health risks. The data provided by the MIB is essential for protecting both the insurer and the insured by facilitating a more accurate assessment of risk.