overinsurance

noun
over·in·sur·ance | \ ˌō-vər-in-ˈshu̇r-əns \

Legal Definition of overinsurance 

: insurance (as from two or more policies) that exceeds the value of the thing covered overinsurance may lead to fraud by the insured broadly : excessive insurance (as from needlessly duplicative coverage)

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occurring twice a year or every two years

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