Final answer:
The Medical Information Bureau (MIB) consists of member insurance companies sharing medical history data to assess risks and combat fraud.
Explanation:
The Medical Information Bureau (MIB) is made up of member insurance companies who contribute information on individual medical histories to a shared database. This information is used during the underwriting process to assess risks and combat insurance fraud.
The MIB plays a crucial role in the insurance industry by providing insurers with medical history data on applicants, helping them make informed decisions. By sharing data through the MIB database, insurers can prevent individuals from concealing important health information to secure policies.
Being part of the MIB can impact an individual's ability to obtain certain insurance policies, as insurers may access the shared database to evaluate an applicant's health risks based on the disclosed medical information.
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