What Is MIB Code? Definition | Epic Life Glossary

Why it matters

Codes let carriers compare an application to past ones without sharing the entire file. Agents should tell clients that carriers may check MIB, and to answer accurately. A code alone does not decide the result. Consumers can get a copy of their file to check it. Rules vary by carrier.

Source: mib.com

Related terms

MIB (Medical Information Bureau) (MIB): MIB is a membership organization that holds coded information from past life, health, and disability insurance applications. Member carriers check it to verify what an applicant has told them.
Underwriting: Underwriting is the process a carrier uses to review an application, judge the risk, and decide whether to offer coverage and at what price. It looks at health, age, habits, and history.
Health Questions (Knock-Out Questions): Health questions are the application questions a carrier asks about medical history. Knock-out questions are the ones where a yes answer makes the applicant ineligible for that plan.
Underwriter: An underwriter is the carrier professional or automated system that evaluates an application and decides whether to accept it, rate it, postpone it, or decline it.
Misrepresentation: Misrepresentation is a false or misleading statement about a material fact, made by an applicant or by an agent. In insurance, it can affect coverage, claims, and the agent's license.

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Why it matters

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