The Medical Information Bureau or MIB is an organization who's goal is to detect and deter attempts by applicants of life, health, disability or long-term care insurance who would omit or misrepresent facts on applications. The MIB works like this - when an underwriter at a member compnay has an applicant with a condition considered to be significant to his or her risk classification, this information is reported to the MIB. It's important to note that the MIB does not recieve your entire medical record. The record is a "red flag" to alert an underwriter to look closer. It's the underwriter's job to make a determination of whether or not the condition is signifcant. The record is kept on file for 7 years.
Conditions most commonly reported include: height and weight, blood pressure, ECG readings and laboratory test results if and only if these facts are considered significant to health or longevity.
You can request to review your MIB record at any time.
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1. I discovered that my husband's siblings lied on their buy/sell life insurance policy regarding their histories of drug use. Both have been heavy drug users in the past. Since I know this information, am I obligated legally in some way to divulge the truth to the life insurance company or encourage the siblings to come clean? Is the family and family corporation at legal risk? The corporation pays the premiums. Currently, if one of them should die, the corp would receive about $1.5 million in payout. The applications asked if they had a history of drug use and in both instances they said, "no". Is this considered fraud and am I aiding and abetting by keeping silent? In a quandary, Linda
Linda ( ) at 2:18PM on May 4th 2007