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

The key function of the Medical Information Bureau (MIB) is to aid in underwriting and help prevent fraud. The MIB maintains a database that collects and shares health information about applicants for life and health insurance. This information helps insurers assess risk more accurately during the underwriting process.

By providing access to relevant medical history and potential discrepancies in applicants' health disclosures, the MIB helps insurers make informed decisions. This use of shared data significantly reduces the chance of fraudulent claims and ensures that the underwriting process is more efficient and reliable.

In this context, the other options, while they may touch on related topics, do not capture the primary role of the MIB as accurately as the correct choice. For instance, speeding up the claims process is more about the efficiency of claims handling than the fundamental purpose of the MIB. Similarly, while reducing underwriting costs could be a secondary benefit, it does not represent the MIB's core purpose. The provision of legal advice is not a function of the MIB at all, as its focus is strictly on health-related information sharing rather than legal counsel.