Section 420B. Definition of Industrial Insurance.--Industrial life or industrial endowment insurance is hereby declared to be that form of insurance, either
(1) Under which premiums are payable weekly, or
(2) Under which premiums are payable monthly or oftener, but other than weekly, if the face amount of insurance provided in the policy is less than one thousand dollars, and the words "Industrial Policy" are printed upon the face of the policy.
In all such policies, as above defined in subdivision one (1), the words "industrial policy" must be printed upon the policy as a part of the descriptive matter.
(420B added May 21, 1937, P.L.769, No.209)