A life insurance policy that has a small face amount where the premium may be collected on a weekly basis by agents is termed: industrial life insurance.
An industrial life insurance can be defined as a type of life insurance policy that is generally written upon individual lives (insured) with a small face amount where the premium may be collected by insurance agents on a weekly basis.
This ultimately implies that, an industrial life insurance refers to a contract between an insurance company (insurer) and an insurance policyholder (insured) where premiums are payable on a weekly or monthly basis.
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