L&HGeorgiamedium
Which characteristic distinguishes industrial life insurance, as recognized under Georgia law, from ordinary life insurance?
AIndustrial life policies are sold only through banks and have face amounts above $500,000
BIndustrial life policies require no underwriting whatsoever and have unlimited coverage
CIndustrial life is term-only coverage sold exclusively to factory workers as a group
Small face amounts with weekly or monthly premiums collected by a debit agent
Why this is the answer
Industrial life insurance, also called 'debit' or 'home service' insurance, is a small-face individual life product historically sold to lower-income households. Under O.C.G.A. § 33-26-1, an industrial policy pays no more than $2,000 on a single life and carries premiums payable monthly or more often, traditionally collected at the insured's home by a route agent. Underwriting is simplified, and the product carries higher per-dollar costs due to collection expenses. Industrial life retains mandatory standard provisions but uses tailored forms recognizing the collection method.
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