What are members of the MIB required to report?
The main function of the MIB is to provide the exchange of underwriting information among its members. Member companies are required to report a coded resume of conditions and findings which may be significant to the proposed insured's health or longevity thereby helping to mitigate risk and lower costs.
Who are members of the Medical Information Bureau?
1 The membership consists of life and health insurance companies, and information in the MIB database comes from members. The concept is similar to a credit bureau that tracks your credit history with lender-provided information. Insurers use MIB for several types of insurance: Life.
How does a conditional receipt differ from a binding?
The difference between a conditional binding receipt and a straightforward binding receipt is that a straightforward binding receipt requires the insurance company to pay the death benefit once the first premium gets paid, whether the applicant is ultimately approved or not.
Which of the following is not an important reason for a life insurance application quizlet?
Which of the following is NOT an important reason for a life insurance application? The beneficiary must sign the application before the insurer will issue the policy.