PSI Ohio Insurance Practice Exam

What does an MIB report contain information on?

1. Financial status of applicants

2. Claims history of the applicant

3. Medical information on applicants

4. Employment history

The correct answer is: Medical information on applicants

An MIB report, or Medical Information Bureau report, primarily contains medical information on applicants. This report is utilized by life and health insurance companies to assess risk when underwriting policies. It includes details about an applicant’s medical history, diagnoses, treatments, medications, and any other relevant health information that could impact coverage decisions. The primary purpose of the MIB is to facilitate a more informed underwriting process by allowing insurers to access vital health data that might not be disclosed directly by applicants. This helps in preventing the misrepresentation of health status and assists insurers in understanding the potential risks they are taking on by issuing a policy. Understanding this context clarifies why the alternative answers do not align with the core focus of an MIB report. While financial status, claims history, and employment history can be relevant to insurance underwriting, they do not fall under the scope of what is typically reported by the MIB, which is specifically centered on medical information.