Industrial sick benefit insurance means life insurance combined with accident and sickness insurance under which:
1. Premiums, dues or assessments are payable weekly;
2. A ten dollar maximum weekly indemnity is paid to members or policyowners in the event of sickness or accident;
3. A $250 maximum death benefit is provided, and the named beneficiary is confined to the spouse of the insured, a relative of the insured by blood, marriage or adoption, a person bound in a pledge of marriage to the insured, or any person dependent on the insured; and
4. The issuing insurer is not required by its charter, bylaws, or by statute to maintain the legal reserve for death benefits.