MIB Offers Help
The MIB Group Inc., Westwood, Mass., a nonprofit group that collects information on consumers who apply for life insurance, says it will give relatives of Sept. 11 attack victims free help with locating any in-force policies the victims might have had.
“Locating personal records of the deceased and determining the aggregated benefits due to the victims families has become a daunting and frustrating task for those seeking information,” MIB says. “Survivors and families may not know of the insurance assets a victim had in place and in some instances, the records may have been destroyed.”
The insurance industry has no central database or registry of life insurance policies, but MIB has a seven-year archive of application-related information for people who have applied for life insurance through MIB member companies, MIB says.
The archive covers about 90% of all individual policies written in North America, MIB adds.
Insurers often make MIB record requests without actually issuing policies, but MIB says record request information can give an insurer the information it needs to locate information on any policies that were actually issued.
Consumers and their agents can get more information about MIB assistance from the MIB Web site, at http://www.mib.com
Consumers with Sept. 11-related inquiries can also call a toll-free number MIB has set up at 866-692-6901.
“To protect the integrity of MIBs information systems, the association will adopt the same verification procedures recently initiated by the state of New York prior to searching its records,” MIB says.
Reproduced from National Underwriter Life & Health/Financial Services Edition, November 12, 2001. Copyright 2001 by The National Underwriter Company in the serial publication. All rights reserved.Copyright in this article as an independent work may be held by the author.