Industrial life insurance defined.

"Industrial" life insurance is any life insurance provided by an individual insurance contract issued in face amount of less than one thousand dollars, under which premiums are payable monthly or oftener, and bearing the words "industrial policy" printed upon the policy as a part of the descriptive matter.

[1947 c 79 § .25.02; Rem. Supp. 1947 § 45.25.02.]