In this chapter, "industrial life insurance" means life insurance under which the premiums are payable:

1. (1) weekly; or
2. (2) less often than weekly but at least monthly, if the face amount of insurance coverage provided by the policy is $1,000 or less.

Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.