What does the Medical Information Bureau (MIB) provide?

The Medical Information Bureau (MIB) plays a critical role in the life insurance industry by serving as a database that insurers can use to assess the medical history of applicants. Its primary function is to provide a source of medical information that alerts insurers to any adverse medical conditions or histories that may be relevant to the underwriting process. This helps insurance companies make informed decisions about coverage and premiums by identifying potential risks associated with an applicant's health.

The MIB collects and maintains health information that can include details on past diagnoses, treatments, and claims, which can significantly impact an applicant's insurability and rates. By accessing this information, insurance companies can ensure a more accurate and fair underwriting process.

Other options do not align with what the MIB offers. Insurance policy summaries typically provide details about the terms and conditions of policies, while financial history reports would relate to an applicant's credit or economic background. Inspection reports are associated with property assessments and are not relevant to an individual's medical history in the context of life insurance. Therefore, the focus and function of the MIB distinctly relate to providing a comprehensive view of an applicant's medical information.