BRAINTREE, Mass., April 2, 2014 /PRNewswire/ -- MIB today announced a new online order form, which makes it easier for consumers to search its Policy Locator Service, the insurance industry's most comprehensive resource for finding lost life insurance policies. Developed by MIB Solutions, Inc., the Policy Locator Service identifies life insurance application activity from MIB's 450 U.S. and Canadian member insurance companies--virtually every company writing life insurance policies in the industry today. Identifying where a life insurance application was taken, can often be a survivor's best lead to finding an in-force policy. The new online form is accessible from the Policy Locator website: www.policylocator.com.
"Our goal was to extend the value of this service by making it increasing accessible to all consumers. The online form's security features balance the need for strong consumer protections while reducing the paper requirements to conduct a search," stated Lee B. Oliphant, MIB's President and CEO. Oftentimes, next-of-kin may be unaware of a life insurance policy's existence or its location when a death occurs. With no central database of placed life insurance policies in existence, MIB's 450 members who underwrite a majority of the life insurance issued in North America, become an important locating resource. "The Policy Locator Service cannot guarantee that a policy was issued, or if issued, has remained in-force. But in the absence of other evidence, Policy Locator is the best resource available today to point consumers to those insurers who most likely have issued coverage," said Oliphant.
MIB's Policy Locator database contains over 200 million records representing life insurance applications processed since 1996. More than 10 million new records are added annually. The service can also trace life insurance policies to the surviving insurance company in cases of merger or acquisition. The Policy Locator Service provides next-of-kin and/or executors or personal representatives of the estate with the name and contact information of the insurance company or companies to which the decedent applied for coverage.
MIB's Policy Locator Service with a new, easier online form is available 24/7/365 at www.policylocator.com. The cost of a search is $75.00 US; responses are generally returned within 10 business days.
MIB is the life and health insurance industry's most trusted resource for underwriting information, risk assessment and analytical services. Owned by the industry it has served for more than a century, MIB is uniquely positioned to aggregate industry insights in order to develop products and services for its members that improve their risk management decisions. MIB, Inc. and MIB Solutions, Inc. are wholly-owned subsidiaries of the MIB Group, Inc. (www.mibgroup.com).
David O. Aronson
MIB Group, Inc.