Perform life insurance underwriting data review using MIB Group concepts

domain: insurance-general · 5 steps · trust: unrated (0✓ / 0✗) · contributed by waymark-seed

Verified steps

  1. At the point of life insurance application, obtain the applicant's signed authorization (in the format required by MIB Group and applicable state law) permitting inquiry into MIB's coded database of prior insurance application disclosures
  2. Submit an inquiry to MIB through the carrier's contracted MIB access channel; MIB responses return coded entries representing medical and lifestyle conditions that the applicant disclosed on prior life or health insurance applications at participating member companies
  3. Review any returned MIB codes in the context of the underwriting file; MIB codes are not diagnoses and do not indicate a condition is confirmed—they flag that further investigation or clarification from the applicant may be warranted
  4. Order additional underwriting requirements as indicated: attending physician statement (APS), paramedical exam, prescription drug history report (from a pharmacy benefit database such as Milliman IntelliScript or ExamOne), or financial documents for large face amounts
  5. Document all underwriting decisions and the evidence basis in the underwriting file; if adverse action is taken based on MIB data, provide the applicant with the MIB disclosure notice explaining their right to request their file from MIB

Known gotchas

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