Consumer medical report files, sold to insurers by the Medical Information Bureau, Inc. (a/k/a, MIB, MIB Group Inc.) enables health and life insurance corporations to charge higher premiums and power the technology behind rescission of coverage.

Alarmingly, your medical report files may include both medical and non-medical information about you.  For example, personal data collected by the Medical Information Bureau (MIB) may include medical conditions, credit report history, driving records, criminal activity, drug use, sexual orientation, participation in hazardous sports, and personal or family genetic history.

For insurance corporations that subscribe to the MIB, Inc. exchange, the MIB, Inc. provides tools that evaluate, rate, and track insurance applicants and policy holders.  The modern underwriting scheme depends on the economics of identifying risk and charging appropriate premiums to ensure fiscal viability for the corporation.  At the heart of electronic underwriting is the MIB, Inc. Productivity Suite of tools, including the Insurance Activity Index, Request for Details, Checking Service, and Follow-Up Service.

The MIB, Inc. underwriting services are for insurance and healthcare corporations, not consumers.  Here are descriptions of the MIB, Inc. Insurance Activity Index, Request for Details, Checking Service, and Follow-Up Service:

“INSURANCE ACTIVITY INDEX- Identifying frequent shoppers
Even though you’d like to know all of your applicants’ application activity, you often have to take their word for it, unless you’re an MIB member benefiting from the Insurance Activity Index. If you suspect an applicant of loading up on insurance by taking out a series of smaller policies or churning insurance from year to year, you can track the number of times an MIB check was made on their applications during the two years prior to yours for your line of business.

REQUEST FOR DETAILS- When you need to get granular
Not all risk assessments are cut and dry. When you need to verify and validate the contents of a coded report, MIB promotes the sharing of information with the member company that input a particular code.

CHECKING SERVICE- Seeing applications in a whole new light
Often when drawing upon information obtained during an applicant’s previous policy applications for insurance, a different picture appears. Forgetfulness. Willful omission. Outright deception.  MIB reports are renowned for exposing a lack of candor in applications early in the process. As a result, MIB member companies are equipped with one of the most potent weapons against undue risk exposure–a proficient instrument enabling them quickly and cost effectively to get them to the point where they can issue with confidence.

FOLLOW UP SERVICE- Casting a larger net
As the industry’s only source for post-policy issue information, the MIB Follow-up Service provides a crucial “second chance” to underwrite based on additional, discovered information during the contestable period. For two years following the original MIB inquiry, this Service alerts members to a policyholder’s medical conditions that were undisclosed at the time of the original application.”

Under Federal law, all consumers are entitled to an annual copy of their medical report files from the nationwide specialty consumer reporting agencies.

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