As used in this Code "industrial life insurance" means either that form of life insurance under which the premiums are payable monthly or more often if the face amount of insurance provided in the policy does not exceed $2,500 and the words "industrial policy" are printed in prominent type on the face of the policy. Any life company authorized to do business in this State may issue industrial policies.
215 ILCS 5/228
Industrial Life Insurance Defined
Known as the Standard Nonforfeiture Law
The act spans §§ 215-5-222 to 215-5-245-3 (42 sections).
P.A. 82-498.
Official source: Illinois General Assembly. Reproduced from public-domain Illinois statutes; confirm against the official source for the current text. Not legal advice.