industrial life assurance

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A type of life-assurance policy, usually for a small amount, the premiums for which were collected on a regular basis by an agent of the assurance company, who called at the policyholder's home. Records of the premium payments were kept in a book, which had to be produced to make a claim. This type of assurance began in industrial areas (hence its name), where small weekly policies were purchased to help pay the funeral expenses of the policyholder. The company agent was known in certain areas as a tally man. This type of insurance is now virtually obsolete, owing to its high costs and low revenues.

Subjects: Financial Institutions and Services.

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