LLQP (Life Licence Qualification Program) Practice Exam · Question
What is the function of the Medical Information Bureau (MIB)?
The MIB is an information-sharing service that helps underwriters detect omissions or misrepresentations on applications and helps prevent fraud.
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Question: What is the function of the Medical Information Bureau (MIB)?
Answer options:
- To provide medical exams for insurance applicants. ✅ To share coded information among member insurance companies about applicants' previous applications.
- To regulate the fees that doctors can charge for attending physician's statements.
- To pay for medical treatments for insured individuals.
Correct answer: To share coded information among member insurance companies about applicants' previous applications.
Explanation: The MIB is an information-sharing service that helps underwriters detect omissions or misrepresentations on applications and helps prevent fraud.
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- A life insurance policy that offers lifelong coverage, a guaranteed death benefit, and a savings component tha
- Group benefits in Canada commonly include:
- Sarah, a 35-year-old marketing professional in Ontario, purchases a participating whole life insurance policy
- Mark, a 45-year-old business owner in British Columbia, has a Universal Life policy with a Level Cost of Insur
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