Frequently Asked Questions

A good broker will form a partnership with you in the delivery of solutions for your risk management concerns. When we serve as your insurance broker, we'll work with you to find a risk management solution at a competitive price.

A broker of record is the broker you have appointed to handle transactions, work on your behalf and represent you in the insurance marketplace. Most brokerages can access similar insurance markets, and in fact, insurance carriers will only work with one broker at a time. The industry has a standardized procedure for appointing a broker with an authorization letter signed by an officer of your company (commonly referred to as a "Broker of Record" letter). This form is also used if you are currently satisfied with your Insurance Company but are having service issues with your existing broker. If you'd like Centurion Insurance Agency to represent you as your broker of record, please call us today.

Insurance brokerages are compensated directly by the insurance carriers that they have appointments with. Brokerages may also be compensated directly by the client or insured on a fee for services basis.

Risk Management is used to minimize the adverse effect of loss to property, net income, human resources or liability to others.

The Risk Management Process is comprised of five basic components:

Risk Identification

Risk Analysis

Risk Financing

Risk Administration

Risk Control

When you enroll as a member of an HMO, you select a Primary Care Physician (PCP) from a list of doctors in that HMO's network. Your PCP will be the first medical provider you will call or see for a medical condition. He or she will make any needed referrals to a medical specialist. Typically, these specialists will be part of the HMO network. All covered services MUST be authorized by your PCP for benefits to be paid.

As a member of a PPO, you can choose the doctors and hospitals within the PPO network or go outside of the network for care. You do not need a referral to see a specialist. If you join a PPO plan, you will have more flexibility than with an HMO plan, but your total out of pocket costs will usually be higher.

The basic difference between term and whole life insurance is this: A term policy is life coverage only. On the death of the insured, it pays the face amount of the policy to the named beneficiary. You can buy term for periods of one year to 30 years. Whole life insurance combines a term policy with an investment component. The investment could be in bonds and money-market instruments or stocks. The policy builds cash value that you can borrow against. The three most common types of whole life insurance are traditional whole life policies, universal and variable. With both whole life and term, you can lock in the same monthly payment over the life of the policy.