Yes, it is possible to have two integrated GPUs. A lot of laptops are like this. They typically have a low power consumption GPU integrated with the CPU, and a separate chip (called "discrete") GPU elsewhere on the board. The reason they do this, is to reduce power consumption by switching off the higher performance GPU while on battery and when the added performance is not necessary.
Your board appears to be dual-GPU, though for the life of me, I can't think of a single reason why you would want that on something that doesn't run on a battery. Rather than wasting time and money on a second GPU, they should have selected a more powerful APU (APU = CPU and GPU in one). The D525's CPU is... pathetic... which means that you can't even generate data fast enough to make use of the nvidia. Zotac has a whole bunch of socket-boards fit for AMD A-series APUs, which would run circles around what you have, in both computation and graphics performance.
I had a look at the manual for your mainboard. The manual is horrible, it does a very poor job describing the options available, particularly the chipset section (literally BLANK, and is where the settings you are looking at would be). I only have experience with AMD/AMD dual graphics. In these units, I usually just switch off the high performance chip in the bios and call it good.
With any luck, you should be able to switch off the nvidia in the bios, but alternatively, you may have some research to do;
https://github.com/Bumblebee-Projecthttps://wiki.archlinux.org/index.php/Hybrid_graphicshttp://hybrid-graphics-linux.tuxfamily.org/index.php?title=Main_Pagehttp://nouveau.freedesktop.org/wiki/OptimusGood luck!