MANAGEMENT

Detailed explanation-1: -Double insurance refers to the method of getting insurance of same subject matter with more than one insurer or with same insurer under different policies. This means that one can get insurance policies on a subject matter more than its value. Double insurance is possible in all types of insurance contracts.

Detailed explanation-2: -Double insurance refers to insurance where the same subject matter is insured twice or more than that. In such scenarios, the same subject is insured but with different insurance companies. The concept of Double insurance is not illegal at all.

Detailed explanation-3: -Concurrent insurance is when there are two or more insurance policies that provide coverage for the same risks over the same period of time.

Detailed explanation-4: -(1) Where two or more policies are effected by or on behalf of the assured on the same adventure and interest or any part thereof, and the sums insured exceed the indemnity allowed by this Act, the assured is said to be over-insured by double insurance.