(a) In this chapter, “job protection insurance” means insurance providing indemnity that is:
(1) paid for loss of position arising from discharge or suspension;
(2) payable in installments that do not exceed the average monthly wage of the insured; and
(3) provided to:
(A) conductors, engineers, motormen, brakemen, switchmen, firemen, dispatchers, clerks, operators, trackmen, signalmen, and maintenance-of-way personnel of steam and electric railways; and
(B) bus drivers and truck drivers employed by common carriers.
(b) The term “job protection insurance” does not include a job benefit fund administered by and through a labor union only for the union’s members.