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When underwriting your Mortgage Life Insurance policy, underwriters will pull a special report to help determine whether or not you have any medical conditions that could impact your policy's approval. This report is called a Medical Information Bureau report (MIB). MIB reports give number-coded information to Mortgage Life Insurance Companies that indicates illnesses and other data as it was reported by any other Mortgage Life Insurance Companies in which you may have applied.
Your MIB report is a lot like your credit report. While it doesn't give you an overall risk score, it is used to assess your risk and identify any suspicious behavior, such as applying for multiple Mortgage Life Insurance policies within a short period of time. The information supplied on your MIB report can prompt an underwriter to order additional tests like another EKG, urinalysis, or blood draw, and/or it may compel them to order your last five years of medical records. Your MIB report helps underwriters in determining your health classification, which in turn equals what your Mortgage Life Insurance premiums will be.