Jun 20
How does the average consumer benefit from an insurance company reporting information to MIB (medical information bureau)?
In today’s marketplace, most businesses need information in order to make the most appropriate decisions. Insurance companies are no exception. To reach an underwriting decision that is fair to the applicant, to the existing policyholders, and to the company requires access to accurate, cost effective, reliable information. MIB serves as a reasonable balance between the consumers expectation of privacy and the companies´ need for information. By exchanging brief resumes of information deemed significant to the underwriting of the application, companies are able to protect themselves from those who omit or attempt to conceal facts essential to the underwriting process. This not only protects the company from unreasonable losses, it benefits applicants in the form of lower premiums and existing policyholders in the form of increased policy dividends.
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