MANAGEMENT

Detailed explanation-1: -Concurrent insurance is when two insurance policies are held to cover the same risks over the same time period.

Detailed explanation-2: -As a rule of thumb, for property insurance, the insurable interest must exist both at the time of purchase of insurance and at the time of occurrence of loss. For life insurance, the insurable interest must exist at the time of purchasing life insurance.

Detailed explanation-3: -Insurable interest just means that the subject matter of the contract must provide some financial gain by existing for the insured (or policyholder) and would lead to a financial loss if damaged, destroyed, stolen, or lost. The insured must have an insurable interest in the subject matter of the insurance contract.

Detailed explanation-4: -CONCLUSION; Now we can conclude that Double Insurances are the one wherein the same risk or same Subject matter is insured with more than one insurance company or with the same insurer but with different policies. The method of double insurance can also be called as Multiple Insurances.