industrial assurance policy

a contract of insurance on human life, premiums in respect of which are received by means of collectors, but excluding:

1. (a) a contract of insurance, the premiums in respect of which are payable at intervals of two months or more;
2. (b) a contract of insurance, effected whether before or after the passing of the Industrial Assurance Act 1923 by a society or company established before the date of the passing of that Act which at that date had no contracts of insurance outstanding the premiums on which were payable at intervals of less than one month so long as the society or company continues not to effect any such contracts;
3. (c) a contract of insurance effected before the passing of the Industrial Assurance Act 1923, premiums in respect of which are payable at intervals of one month or more, and which have up to the passing of that Act been treated as part of the business transacted by a branch other than the industrial branch of the society or company; and
4. (d) a contract of insurance for £25 or more effected after the passing of the Industrial Assurance Act 1923, premiums in respect of which are payable at intervals of one month or more, and which are treated as part of the business transacted by a branch other than the industrial branch of the society or company, in cases where the relevant authority certified prior to 1 December 2001 under section 1(2)(d) of that Act that the terms and conditions of the contract is on the whole not less favourable to the assured than those imposed by that Act;

in this definition:

1. 1. (i) "collector" includes every person, however remunerated, who, by himself or by any deputy or substitute, makes house to house visits for the purpose of receiving premiums payable on policies of insurance on human life, or holds any interest in a collecting book, and includes such a deputy or substitute;
   2. (ii) "collecting book" includes any book or document held by a collector in which payments of premiums are recorded.56