an annuity scheme by which several subscribers accumulate and invest a common fund out of which they receive an annuity that increases as subscribers die until the last survivor takes the whole
b.
the subscribers to such a scheme collectively
c.
the share of each subscriber
d.
the common fund accumulated
e.
(as modifier)
a tontine fund
2.
a system of mutual life assurance by which benefits are received by those participants who survive and maintain their policies throughout a stipulated period (the tontine period)
Word origin
C18: from French, named after Lorenzo Tonti, Neapolitan banker who devised the scheme
tontine in American English
(ˈtɑnˌtin; tɑnˈtin)
noun
1.
a.
a fund to which a group of persons contribute, the benefits ultimately accruing to the last survivor or to those surviving after a specified time
b.
the subscribers to such a fund, collectively
c.
the total fund or the share of each subscriber
2.
any annuity or insurance system of this kind
Word origin
Fr < It tontina, after Lorenzo Tonti, Neapolitan banker who introduced the system into France in the 17th c.
tontine in Insurance
(tɒntin)
Word forms: (regular plural) tontines
noun
(Insurance: Life insurance)
A tontine is a system of mutual life insurance where benefits are received by those participantswho survive and keep their policies throughout a stated period.
Under a tontine, the government paid interest on money raised and the total amount accumulated wasdivided among the surviving members of the group at a predetermined date.
Tontine life insurance policies provide benefits only to survivors who live to the end ofa certain period of time.
A tontine is a system of mutual life insurance where benefits are received by those participantswho survive and keep their policies throughout a stated period.
Word originsThis word comes from the name of a 17th century Italian banker, Lorenzo Tonti.