Medical Information Bureau (MIB Inc.) is Valuable Unit of the Insurance Industry
The Medical Information Bureau, Inc. (MIB, Inc.) is a nationwide specialty consumer reporting agency for health conditions and personal lifestyle data. The MIB consists of approximately 500 insurance company members.
According to the Federal Trade Commission, MIB’s member companies account for 99 percent of the individual life insurance policies and 80 percent of all health and disability policies issued in the United States and Canada.
“MIB’s value to the insurance industry can hardly be overestimated. Not only to do some applicants forget to list ailments that could cost the insurer money but fraudulent applications are common.”
The Medical Information Bureau, Inc. (MIB, Inc.) also “plays a critical role in the lives of many thousands of individuals, affecting not only their security but their finances as well. But many of those affected have little idea that the MIB played a part. This is partly by design.” (Source, “Medical Bureau is Valuable Unit of Insurance Industry” published by The Associated Press (AP) on July 14, 1971). (more…)