Industrial assurance. See the (English) Industrial Assurance Act, 1923 (repealing the Collecting Societies and Industrial Assurance Companies Act, 1896), which consolidates and amends the law relating to industrial assurance. The Act gives increased protection to the poorer classes of assured persons in respect of life insurance business the premiums upon which are received by collectors at intervals of less than two months. 'Industrial assurance funds' (life funds) cannot be made security for a loan other than a temporary bank overdraft. The Act contains important provisions as to forfeiture and surrender of policies, accounts and inspection, and the printing of portions of the Act on policies so as to draw the attention of policy-holders to rights conferred by the Act. See the (English) Industrial Assurance and Friendly Societies Act, 1929 (19 & 20 Geo. 5, c. 28), which permits the issue of endowment policies; and see FRIENDLY SOCIETIES.
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