AD Banker Comprehensive Practice Exam

Which document is necessary for filing a claim related to errors on an insurance application?

1. Health Insurance Portability Regulation report

2. Medical Information Bureau report

3. Claim Investigation report

4. Insurance Policy summary

The correct answer is: Medical Information Bureau report

The Medical Information Bureau (MIB) report is essential when filing a claim related to errors on an insurance application because it provides critical information about an individual's medical history and insurance coverage. The MIB collects data from various insurance companies to maintain a record of consumers’ medical-related information and health conditions, which can significantly impact insurance underwriting decisions and claims evaluations. When a claim is filed, insurers often refer to the MIB report to verify the accuracy of the information provided on the application. If there are discrepancies or errors related to the applicant's medical history, the MIB report serves as a key document in addressing these issues. It helps in demonstrating the true state of the applicant’s health history and identifying any inconsistencies that could have affected the underwriting process. In contrast, the other documents listed, such as health insurance portability regulations, claims investigation reports, and insurance policy summaries, either do not specifically address application errors or serve different purposes in the claims process. The MIB report is directly related to validating the information originally provided in the application, making it the most relevant document for this scenario.