Double Insurance

Double Insurance

Duplicate protection provided when two companies deal with the same individual and undertake to indemnify that person against the same losses.

When an individual has double insurance, he or she has coverage by two different insurance companies upon the identical interest in the identical subject matter. If a Husband and Wife have duplicate medical insurance coverage protecting one another, they would thereby have double insurance. An individual can rarely collect on double insurance, however, since this would ordinarily constitute a form of Unjust Enrichment, and a majority of insurance contracts contain provisions that prohibit this.

DOUBLE INSURANCE, contracts. Where the insured makes, two insurances on the same risk, and the same interest. 12 Mass. 214. It differs from re-insurance in this, that it is made by the insured, with a view of receiving a double satisfaction in case of loss; whereas a re-insurance is made by a former insurer, his executors or assigns, to protect himself and his estate from a risk to which they were liable by the first insurance. The two policies are considered as making but one insurance. They are good to the extent of the value of the effects put in risk; but the insured shall not be permitted to recover a double satisfaction. He can sue the underwriters on both the policies, but he can only recover the real amount of his loss, to which all the underwriters on both shall contribute in proportion to their several subscriptions. Marsh. Ins. B. 1, c. 4, s. 4; 5 S. & R. 473; 4 Dall. 348; 1 Yeates, 161; 9 S. & R. 103; 1 Wash . C. C. Rep. 419; 2 Wash. C. C. Rep. 186; 2 Mason, 476.

References in periodicals archive ?
The loan will feature a double insurance cover to help protect families by which, in case of any unforeseen circumstances, the outstanding loan amount will be waived off and a sum equivalent to the original loan amount will be paid to the nominated beneficiary to ensure continuation of the student's education.
Deliberating over the issue of charging students double insurance fees in case of transfer from one medical college to another, the committee took strict notice and said payment of difference can be understood but charging a double fee for the transfer is unacceptable.
The committee took noAtice of charging students double insurance fees while they seek to be transferred from one medical college to another and said that payment of difference was understood, but charging a double fee for transfer was unacceptable.
Dual insurance (or double insurance as it is also called) arises when the same party is insured with two or more insurers in respect of the same interest in the same subject matter against the same risk and for the same period of time.
DOUBLE INSURANCE: Did you know that millions of us are paying for insurance policies that we don't need?
Double insurance: Lots of us have policies we don't need - like phone insurance for a device upgraded years ago.
Meanwhile, the Smart Multi-Purpose Loans which includes Smart Personal Loan and Smart Salary Loan are now enhanced with free double insurance coverage and telemedicine services.
"The initial shock of the double insurance premium tax rise has now passed, which in part accounts for the eight per cent rise in 2016."
SEEING DOUBLE Insurance giant Legal & General said its retirement division was set to double sales this year, helped by a trend to unlock cash from property.
Bad credit score can double insurance premiums in Texas, The Dallas Morning News
So those sneaky Reds have taken out a double insurance. Opponents Southampton have not only lost their best players too, but Liverpool have snapped them up for themselves.
The GCC's rebounding economy is set to double insurance penetration by 2017, as consumers increasingly use financial advisors to plan for major life events.