industrial life insurance
A worker receives his industrial life insurance policy at the factory office.
Definition
Noun: - Industrial life insurance refers to a type of life insurance policy designed for workers in industrial or lower-income occupations, where premiums are typically paid in small, regular installments (weekly or monthly) and collected by an agent at the policyholder's home or workplace. It is also known as "home service insurance" or "debit insurance."
Usage Examples
- (A life insurance product for low-wage workers with frequent premium payments.)
- (A policy with premiums paid often and collected in person.)
Advanced Usage
- "Industrial life insurance" is distinguished from ordinary life insurance by its lower face values, higher administrative costs relative to benefits, and the method of premium collection.
- Industrial life insurance policies often had higher expense loadings due to the cost of weekly collections. (The pricing structure reflected the labor-intensive premium collection process.)
Variants and Related Words
- Industrial insurance (n): a broader term for insurance products marketed to industrial workers, including life, accident, and health coverage.
- Industrial insurance was a key product for companies like Prudential and Metropolitan Life in the early 1900s. (A category of insurance for the working class.)
Synonyms
- Home service insurance: a modern term for industrial life insurance, emphasizing the agent's visit to the policyholder's home.
- Debit insurance: another name, referring to the "debit" (collection route) the agent follows to gather premiums.
Related Idioms
- "A penny policy": a colloquial term for a very small industrial life insurance policy, often costing just a few cents per week.
- My grandmother had a penny policy with the local insurance company. (A small, affordable life insurance policy for low-income families.)