The insurance company gets part of the risk insured with another insurance company, to avoid heavy financial losses is called as reinsurance.
Double Insurance :-
When a person gets his life or goods insured with more than one insurance company is double insurance.
A warranty is defined by the Act in the following words. It an undertaking by the assured that some particular things shall or shall not be done or that some conditions shall be fulfilled or whereby he affirms the existence of a particular state of facts.