L&HPennsylvaniahard
Under Pennsylvania's industrial life insurance statute, which characteristic most accurately distinguishes industrial life from ordinary life insurance?
AIt is sold only through direct mail solicitations and uses annual premiums paid by the policyowner directly to the insurer's home office.
BIt is a securities product requiring FINRA registration.
It is issued in small face amounts with premiums typically collected weekly or monthly by the agent at the insured's home.
DIt is reserved exclusively for group employer plans.
Why this is the answer
40 P.S. § 753a defines industrial (or 'debit') life insurance as policies issued in modest face amounts with premiums collected weekly or monthly, traditionally by a route agent at the insured's home. It is individual, not group, and not a security.
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