Yes if you are paying two lots of premiums then if something happened they would pay out on both policies. Maybe you should contact the company and find out exactly what these policies cover. You may find that they are no longer suitable to your needs.

can an insurance company collect on two life assurance policies running at the same time for the same property and people?

If we have two critical illness cover polices with same company, covering same property and people - would they pay out on both policies.

One was taken out in 2000 on a 47.5k mortgage and then increased in 2007 on a higher mortgage on same property - since 2007 the company have continued to collect on both policies