Which of the following best describes the MIB?
Options:
a) it’s a member organization that protects insured against insolvent insurers.
b) it’s a rating organization for health insurance.
c) it’s a non profit organization that maintains underwriting information on applicants for life and health insurance.
d) it’s a government agency that collects medical information on the insured from the insurance companies.
The Correct Answer Is:
- c) it’s a non profit organization that maintains underwriting information on applicants for life and health insurance.
MIB is a non profit organization that maintains underwriting information on applicants for life and health insurance. This information includes the applicant’s name, address, social security number, and other identifying information. MIB also stores data on the premiums paid for life and health insurance policies issued by its members. This information can be used to help insurers improve their underwriting processes.