Final answer:
The MIB (formerly known as the Medical Information Bureau) was established by the insurance industry in 1902 to provide a centralized database of medical information on individuals. Its purpose is to assist insurers in assessing risk during the underwriting process.
Step-by-step explanation:
The Medical Information Bureau (MIB) was established by the insurance industry in 1902 to provide a centralized database of medical information on individuals. It started as the Association of Life Insurance Medical Directors (ALIMD) and was later renamed as the MIB. The MIB collects and maintains medical and non-medical information on individuals to help insurers assess their risk during the underwriting process.