ABSTRACT
Industrial Assurance has been defined by Industrial Assurance Act of 1923. It is described as the business of effecting assurance on human lives, premiums in respect of which are payable at intervals of less than two months and are received by means of collectors. Insurance is a contractual obligation to provide stated benefits on the occurrence of given contingency. By 1853 industrial assurance on a profit-making basis had come to stay. The industrial assurance companies and collecting societies play an important part in the administration of National Health Insurance scheme. The towering structure of the industrial assurance business rests on the activities of the individual, usually described as the agent, who is responsible for collection of premiums. Perturbed by the enormous number of lapses, some companies now pay procuration fees based only on net increase in amount of premiums collected. It has always been noticed that a large proportion of the industrial assurance premiums is absorbed in expenses of management.
