What is the Medical Information Bureau?
The Bankrate.com financial term of the day is: "Medical Information Bureau."
You know how there are credit bureaus out there keeping track of how well you pay bills and handle your finances? The insurance industry has something similar to keep tabs on your health and how you live your life. It's called MIB, formerly the Medical Information Bureau. It allows insurers to compare notes about your medical history and related information, such as whether you play extreme sports or have a driving record that suggests you're dangerous on the road. Insurance companies check the MIB database to make sure applications for insurance policies have been filled out accurately and truthfully.
When you apply for insurance, the MIB or Medical Information Bureau is the insurer's way of checking for risky business in your background.
To shop for insurance to fit your family's needs, visit the Insurance section at Bankrate.com.