1. [syn: tontine, tontine insurance]
2. an annuity scheme wherein participants share certain benefits and on the death of any participant his benefits are redistributed among the remaining participants; can run for a fixed period of time or until the death of all but one participant;
The Collaborative International Dictionary of English v.0.48:
Tontine \Ton*tine"\, n. [F., from It. tontina; -- so called from
its inventor, Tonti, an Italian, of the 17th century.]
An annuity, with the benefit of survivorship, or a loan
raised on life annuities with the benefit of survivorship.
Thus, an annuity is shared among a number, on the principle
that the share of each, at his death, is enjoyed by the
survivors, until at last the whole goes to the last survivor,
or to the last two or three, according to the terms on which
the money is advanced. Used also adjectively; as, tontine
Too many of the financiers by professions are apt to
see nothing in revenue but banks, and circulations, and
annuities on lives, and tontines, and perpetual rents,
and all the small wares of the shop. --Burke.
WordNet (r) 3.0 (2006):
n 1: a form of life insurance whereby on the death or default of
a participant his share is distributed to the remaining
members [syn: tontine, tontine insurance]
2: an annuity scheme wherein participants share certain benefits
and on the death of any participant his benefits are
redistributed among the remaining participants; can run for a
fixed period of time or until the death of all but one
Bouvier's Law Dictionary, Revised 6th Ed (1856):
TONTINE, French law. The name of a partnership composed of creditors or,
recipients of perpetual or life-rents or annuities, formed on the condition
that the rents of those who may die, shall accrue to the survivors, either
in whole or in part.
2. This kind of partnership took its name from Tonti, an Italian, who
first conceived the idea and put it in practice. Merl. Repert. h.t. Dall.
Dict. h.t.; 5 Watts, 851.