“Industrial life insurance,” as used in §§ 56-7-702 — 56-7-704, means that form of life insurance, the policies for which include the words “industrial policy” as part of the descriptive matter; and:
(1) Under which the premiums are payable weekly; or
(2) Under which the premiums are payable monthly or more often, but less often than weekly, if the face amount of the insurance provided in the policy is one thousand dollars ($1,000) or less.