Previously known as the Medical Information Bureau, the MIB is a resource for insurance underwriters to assess risk and evaluate life insurance applications. Insurers use the MIB to learn more about your medical history and past applications.
The MIB Group is the only insurance consumer reporting agency in North America, and it operates a database of medical information on individuals who have previously applied for health insurance, life insurance, disability insurance, critical illness insurance, and long-term care insurance.
Life insurance companies may only access your medical records if you provide written consent. If you grant permission, they can see a variety of information, including: Doctor visits – the reason and the diagnosis. Any prescribed medications.
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.
The annuity offers tax-deferred savings and retirement income. Simply put—life insurance protects your loved ones if you die prematurely while the annuity protects your income if you live longer than expected.
How long does the MIB keep records? The MIB keeps records for seven years.
When you apply for insurance, you authorize the use of MIB as an information source. ... MIB does not collect, maintain, or store any medical records such as examination reports, attending physician statements, lab test results, x-rays, underwriting files or reasons for denial of insurance.
In addition to an individual's credit history, data collected by the Medical Information Bureau (MIB) may include “medical conditions, driving records, criminal activity, drug use, participation in hazardous sports, sexual deviation, and personal or family genetic history, among other facts.” Under Federal law, the ...
Request your report by visiting the MIB website, or call 866-692-6901. You can request your medical history report (and any other credit or specialty reports) at any time—you're entitled to one free copy of any report once every 12 months. ... Your permission is required before anyone can access your medical information.
Here are seven specific situations in which life insurance will not payout.
When it comes to personal injury cases, insurance companies typically request 10 years of medical history. However, in some states, doctors and medical facilities are only required to keep records for a minimum of 7 years, so they may not be able to request records back that far.
An insurance company should not be provided any medical records associated with a pre-existing medical condition. ... Individuals should always carefully review their medical records before sending them to the insurance adjuster. It's important for accident victims to not provide too much information.
Yet No Comments