Agent Owner, Gilmore Insurance Services, Marysville, Washington State
In a way, yes they share information. There is a information depository known as the MIB and no, it does not stand for "Men in Black", it stands for Medical Information Bureau. What the MIB contains is information about paid insurance claims, past applications and other information that insurance companies can access (with your permission) to check your medical history.
So if you apply with 3 different companies, all 3 companies will know it from the MIB. They will ask you about it and it may effect underwriting as the 3 companies look at the combined face amount and decide if they want to be a part of it.
Also lets say you answer a question about heart problems as NONE. In checking the MIB the insurance company finds you have a double bypass in 2009. Changes everything.
Think of the MIB as similar to the Credit Bureau, except for medical stuff instead of credit use. Instead of credit history, the MIB contains your health history.
They do not share detailed information but they do check your MIB report. The MIB is your Medical Information Bureau Report and it will show any recent hospitalizations you have had and also any life insurance companies that you have applied with.
Insurance companies will also have access to look at your prescription medications that you currently take or have taken in the past.
You must give them permission to review these things when you apply.
Life & Health Insurance Agent, The Tooker Agency, Riverhead NY
The MIB (Medical Information Bureau) is a membership organization made up of life and health insurance companies. It exists as a means for the insurance companies to share medical information, similar to how Credit Reporting Agencies exist to share financial information. The MIB members share all kinds of material information that they discover in the process of underwriting insurance policies.
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So if you apply with 3 different companies, all 3 companies will know it from the MIB. They will ask you about it and it may effect underwriting as the 3 companies look at the combined face amount and decide if they want to be a part of it.
Also lets say you answer a question about heart problems as NONE. In checking the MIB the insurance company finds you have a double bypass in 2009. Changes everything.
Think of the MIB as similar to the Credit Bureau, except for medical stuff instead of credit use. Instead of credit history, the MIB contains your health history.
Insurance companies will also have access to look at your prescription medications that you currently take or have taken in the past.
You must give them permission to review these things when you apply.