An insured who has policies with several companies covering the same insurable interest has multiple insurance coverage.

Question

Quizplus · Accepted Answer

This is true. It is common for individuals or businesses to have multiple insurance policies covering the same insurable interest, such as a property or a vehicle. Each policy will have its own terms, conditions, and limits of coverage, which can provide additional protection in case of a loss. However, it is important to ensure that the total amount of coverage does not exceed the actual value of the insurable interest or lead to over-insurance.

An Insured Who Has Policies with Several Companies Covering the Same