tontine

[ ton-teen, ton-teen ]
/ ˈtɒn tin, tɒnˈtin /

noun

an annuity scheme in which subscribers share a common fund with the benefit of survivorship, the survivors' shares being increased as the subscribers die, until the whole goes to the last survivor.
the annuity shared.
the share of each subscriber.
the number of subscribers.
any of various forms of life insurance in which the chief beneficiaries are those whose policies are in force at the end of a specified period (tontine period).

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Origin of tontine

1755–65; < French; named after Lorenzo Tonti, Neapolitan banker who started the scheme in France about 1653. See -ine1
Dictionary.com Unabridged Based on the Random House Unabridged Dictionary, © Random House, Inc. 2020

Example sentences from the Web for tontine

British Dictionary definitions for tontine

tontine
/ (ˈtɒntiːn, tɒnˈtiːn) /

noun

  1. 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
  2. the subscribers to such a scheme collectively
  3. the share of each subscriber
  4. the common fund accumulated
  5. (as modifier)a tontine fund
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 for tontine

C18: from French, named after Lorenzo Tonti, Neapolitan banker who devised the scheme
Collins English Dictionary - Complete & Unabridged 2012 Digital Edition © William Collins Sons & Co. Ltd. 1979, 1986 © HarperCollins Publishers 1998, 2000, 2003, 2005, 2006, 2007, 2009, 2012