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What is double insurance


Definition of double insurance. Double or multiple insurance occurs when you have taken out two or more insurance plans that cover the same risk. This may be the case with the same provider or with different providers.

What is double insurance in simple words?

What is 'double insurance'? Double insurance arises where the same party is insured with two or more insurers in respect of the same interest on the same subject matter against the same risk and for the same period of time.

Why is double insurance important?

Where one person has the benefit of multiple insurance policies on the same property against identical risks. In the event of insured loss arising, the insured is free to claim payment from whichever insurer it chooses but will not be able to recover more than the amount necessary to indemnify it against the loss.

What is double insurance and reinsurance?

Double (or multiple) insurance happens when a single person is insured by 2 or more insurers separately with regard to the same subject matter and interest. Over-insurance, on the other hand, happens when the amount of the insurance is greater than the insured's insurable interest.




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