Industrial Life Insurance Law and Legal Definition

Industrial life insurance refers to an insurance which provides insurance coverage to industrial workers or people who are unable to afford insurance for bigger amounts. Here a fixed amount is given in case of accident or death. They are also known as burial policies, small death benefits, and street insurance.

The following is an example of the state statute defining industrial life insurance:

Cal Ins Code § 1685 defines Industrial life insurance as life insurance with an aggregate face amount sold to any one insured and in force at any one time in an amount not exceeding ten thousand dollars ($10,000); premiums are payable at least monthly; premiums are collected in person and not by mail or otherwise by the industrial debit collection certificate holder with a written receipt delivered to the insured, and the words "INDUSTRIAL LIFE POLICY" or "MONTHLY DEBIT ORDINARY" are printed on the policy as part of the descriptive matter.