ANSWER: Warnings will be created for each scenario that triggers a potential duplicate. Therefore, it is possible to have multiple warnings generated for one insert/update.
- If an Account is inserted and it matches on both a Semi Rigid and Loose scenario, 2 warnings will be generated
- If a Lead is inserted/updated and matches to an existing Lead, as well as an existing Account and Contact, 3 or more warnings can be generated.
More information on Warnings can be found HERE.