Medical Information Bureau

What Does Medical Information Bureau Mean?

The Medical Information Bureau (MIB) is a non-profit organization that maintains a database of health and medical information for individuals who have been previously insured. In the United States, insurance companies use this information to assess risk and determine premium rates for individual health and life insurance policies.

Insuranceopedia Explains Medical Information Bureau

Established in 1902, the Medical Information Bureau (MIB) assists insurance companies in determining accurate premium rates for applicants. It achieves this by comparing the health information provided in insurance applications with the data stored in its database, helping to identify errors and detect potential fraud. The data in the MIB is one of several inputs insurers weigh during underwriting, along with age and family medical history. A more detailed look at how those inputs translate into pricing is in this guide on the factors that impact your life insurance premium.

The MIB is cautious about sharing personal information. It first seeks the applicant’s consent before releasing their data to an insurance company.

If an applicant’s information differs from the records in the MIB database, the insurance company conducts further investigation before deciding to adjust the premium or decline the policy. Applicants who want to skip the medical questionnaire and MIB review process altogether sometimes look at no medical exam life insurance companies, though those policies usually come with lower coverage caps and higher rates.