For the purposes of this article "Industrial Life Insurance" shall mean that form of life insurance where the face amount of the policy does not exceed One Thousand Dollars ($1,000.00); and either
1. Under which the premiums are payable weekly, or
2. Under which the premiums are payable monthly or oftener, but less often than weekly; provided that in either case the words "Industrial Policy" are printed on the face of the policy as part of the descriptive matter thereof.
Laws 1957, p. 386, § 4202.
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