Two-band photoluminescence (PL) and respective absorption and reflection features are observed in GaN/AlGaN MBE-grown quantum well (QW) structures of dominant N polarity with inversion domains (IDs). The PL bands are related to transitions in the regions of different polarity, characterized by different strain and electric fields. A micro-PL study reveals sharp and narrow (1.5-2.5 meV) PL lines placed between the bands, which are tentatively attributed to recombination at localization sites associated with intersections of the QWs with the domains. Additionally, we demonstrate that the ID formation decreases the overall strength of the intrinsic electric fields in the QW structures.