The applicant's copy of the application contains a brief written notice which describes the MIB and its functions and also indicates how applicants can access and correct their MIB records when needed. It may come as a surprise that the MIB does not have a report on most people who apply for individual insurance. Of 10 applicants, the MIB will have a record on only one or two. If an applicant has a condition significant to health or longevity, then member companies are required to send a brief coded report to the MIB. This is required for any application including "Trial Applications." Some of the conditions most commonly reported include height, weight, blood pressure, and EKG findings.
MIB reports are perhaps most significant for what they do not contain:
- MIB reports do not identify any reporting company.
- MIB reports do not identify such underwriting actions as an extra rating or decline.
- Companies do not rate or decline applications based on MIB codes.
We provide additional information about the MIB in the Consumer's MIB Fact Sheet, LU-574, a brochure designed for use by agents and their clients. (Please order through your regular supply channels.)
Information regarding your client is treated as confidential. The Notice of Insurance Information Practices, printed on the back of the applicant's copy of the application, describes how applicants may request additional information regarding their underwriting file.