What does the Medical Information Bureau (MIB) provide?

The Medical Information Bureau (MIB) primarily provides medical information related to an individual's health history. This data is collected from the applications for various types of insurance, including life and health insurance, and can include details about medical conditions, treatments, and prescription medications. The purpose of the MIB is to assist insurance companies in making informed underwriting decisions by accessing relevant health information rather than solely relying on the personal disclosures made by applicants, which helps to reduce the risk of insurance fraud.

The significance of the MIB lies in its role in streamlining the process of assessing an applicant's risk profile while also protecting the interests of both insurers and applicants. By having access to this information, insurers can better evaluate the insurability of individuals and set appropriate premiums based on their health status.