What is the main purpose of the Medical Information Bureau (MIB)?

The primary purpose of the Medical Information Bureau (MIB) is to prevent misrepresentation and fraud in the insurance application process. The MIB serves as a centralized database that collects and maintains information about an individual's medical history and insurance-related activities. When insurers seek to write policies, they can check the MIB for any discrepancies between what an applicant reports and what is found in the bureau's records. This helps to ensure that applicants provide accurate and truthful information about their health status, which is crucial for underwriting and determining the acceptability of risk for insurance coverage. By actively checking MIB records, insurers can mitigate the potential for fraud and misrepresentation, protecting themselves and promoting fairness in the insurance market.