tontine

American  

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

noun

1. 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.

2. the annuity shared.

3. the share of each subscriber.

4. the number of subscribers.

5. 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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tontine British  

/ ˈtɒntiːn, tɒnˈtiːn /

noun

1. 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

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 )

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Etymology

Origin of tontine

1755–65; < French; named after Lorenzo Tonti, Neapolitan banker who started the scheme in France about 1653. See -ine ¹

Example Sentences

Both part of a tontine, for financial and moral support, Mâ Brêh and Sabine believe in the might derived from fellowship, even more so as part of unprotected communities.

From Los Angeles Times

She also hears from Sabine and the other hairdressers about their own tontine and its central role in their professional and domestic lives.

From The New Yorker

People have booked their tables here months in advance, entering via some kind of lottery or elaborate tontine, and here you are with this verified stranger quietly picking at your food.

From The Guardian

Although most people will know them from the works of Agatha Christie or Robert Louis Stevenson, tontines were once real.

From Economist

Works by Agatha Christie, Robert Louis Stevenson and P. G. Wodehouse all featured tontine members plotting to kill one another in hope of a big payoff.

From New York Times