tontine

[ton-teen, ton-teen]
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)

Origin:
1755–65; < French; named after Lorenzo Tonti, Neapolitan banker who started the scheme in France about 1653. See -ine1

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World English Dictionary
tontine (ˈtɒntiːn, tɒnˈtiːn)
 
n
1.  a.  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)
 
[C18: from French, named after Lorenzo Tonti, Neapolitan banker who devised the scheme]

Collins English Dictionary - Complete & Unabridged 10th Edition
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Example sentences
Tontine insurance pays a cash benefit when you don't use it, as well as covering your medical expenses when you do.
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