What is the primary function of the Medical Information Bureau (MIB)?

The primary function of the Medical Information Bureau (MIB) is to collect health information for risk assessment. The MIB serves as a resource for insurance companies to share and access information about applicants' medical histories in order to evaluate the risk associated with individual applicants. This information helps insurers make informed decisions regarding eligibility, coverage options, and premium rates.

By compiling data from multiple insurance companies, the MIB plays a crucial role in promoting accurate underwriting practices. Insurers can use this shared information to identify potential health-related risks that might not be disclosed during the application process. The MIB operates under strict regulations to protect the privacy of individuals, ensuring that health information is used appropriately in the context of insurance underwriting. This ultimately benefits both insurers and consumers by facilitating more accurate risk assessments and helping to keep insurance costs manageable.