Key Terms:


  • Insured

    The person who the life insurance protection is on.

  • Beneficiary

    The person or people who will receive the benefit amount if the insured were to die.

  • Policy Owner

    The person who owns the life insurance policy. This can be the insured, the beneficiary, or a third party like a trust.

  • Life Insurance Company

    The companies which issue life insurance policies.

  • Policy

    The contract between the policy owner and the insurance company which lays out the terms of the agreement.

  • In Force

    Your policy is active and you are now covered.

  • Face Amount

    The amount of money paid to the beneficiary if the insured were to die. Also, know as the benefit amount or death benefit.

  • Premium Payment

    The amount of money paid by the policy owner to the insurance company to keep the policy in force.



What is the Medical Information Bureau (MIB)


Medical Information Bureau

MIB Group, Inc. is a member-owned corporation that has operated on a not-for-profit basis in the United States and Canada since 1902. MIB's Underwriting Services are used exclusively by MIB's member life and health insurance companies to assess an individual’s risk and eligibility during the underwriting of life, health, disability income, critical illness, and long-term care insurance policies. These services "alert" underwriters to errors, omissions, or misrepresentations made on insurance applications. By mitigating the risk of applicant errors, omissions, and misrepresentations, MIB may help lower the cost of life and health insurance for consumers.

A Secure, Applicant-Authorized Information Exchange

MIB's business model is sometimes described as an "information exchange" because our members contribute underwriting information to the MIB database that may be useful to other members who later search the database with the authorization of the insurance applicant. The information in MIB’s database is maintained and safeguarded in a coded format that is accessible only to authorized personnel of the member company to which an individual has applied for insurance and has authorized the use of MIB as an information source.

MIB's coded reports represent different medical conditions and other conditions (typically hazardous hobbies and adverse driving records) affecting the applicant's insurability. These reports alert insurance underwriters to possible errors, omissions, and misrepresentations made in the application process. Suppose the coded reports are inconsistent with the information provided by the applicant. In that case, underwriters must investigate further to obtain more information about the reported medical histories or conditions before making an underwriting decision.

In addition to MIB's use of highly confidential and proprietary codes to protect the privacy of individuals, MIB also implements and enforces robust security standards and policies designed to protect the security and confidentiality of any individually identifiable information in MIB's database.

Key Terms:


  • Insured

    The person who the life insurance protection is on.

  • Beneficiary

    The person or people who will receive the benefit amount if the insured were to die.

  • Policy Owner

    The person who owns the life insurance policy. This can be the insured, the beneficiary, or a third party like a trust.

  • Life Insurance Company

    The companies which issue life insurance policies.

  • Policy

    The contract between the policy owner and the insurance company which lays out the terms of the agreement.

  • In Force

    Your policy is active and you are now covered.

  • Face Amount

    The amount of money paid to the beneficiary if the insured were to die. Also, know as the benefit amount or death benefit.

  • Premium Payment

    The amount of money paid by the policy owner to the insurance company to keep the policy in force.