Florida Life and Health Insurance License Practice Test 2026 - Free Insurance Practice Questions and Study Guide

Insurance companies use MIB reports to verify applicants' medical histories. This statement best explains the relationship between the MIB and insurance companies. The MIB (Medical Information Bureau) is a service that collects medical information on individuals and provides it to insurance companies. This helps insurance companies assess the risk of insuring an individual and determine their premiums. Options A, C, and D are incorrect because the MIB does not act as a regulatory body for insurance companies, does not directly sell insurance to consumers, and insurance companies are not required to follow MIB recommendations on policy pricing.