Which underwriting source collects general medical information about an individual's health history?

The Medical Information Bureau (MIB) is a crucial source for underwriting in the insurance industry, specifically concerning an individual's health history. It serves as a repository of medical information that insurance companies share to assess the risk associated with insuring a particular individual. When an applicant applies for insurance coverage, insurers can access the MIB database to review any relevant medical conditions, treatments, and claims that have previously been reported by other member insurance companies. This helps underwriters evaluate the applicant's health risks more accurately.

The MIB plays a significant role in the underwriting process because it provides a centralized platform for insurers to access standardized health information, which can aid in making informed decisions on policy issuance and premium pricing. This reduces the potential for fraud and ensures that individuals with similar health backgrounds are treated fairly in terms of risk assessment and premium rates.