5.3.5 Medical Information Bureau
The Medical Information Bureau (MIB) is a nonprofit organization whose main purpose is to be a reliable source of medical information for their more than 700 member insurance companies. The bureau maintains files of medical information concerning applicants that help disclose cases in which an applicant either forgets or conceals pertinent underwriting information. The MIB's contributions enable insurers to keep costs down to a lower degree through the prevention of misrepresentation and fraud.
Every applicant must receive and sign a written notice letting them know that the MIB may be consulted for more information and that he/she has been informed of the following facts.
- The insurer may report information to the MIB.
- The MIB may furnish information to any member company.
- Any information contained in the MIB files may be disclosed.
- Medical information will be released only to the applicant's physician.
If any discrepancies are found, the applicant can seek rectification through the MIB.
