Definition of tontine in English:

tontine

Line breaks: ton|tine
Pronunciation: /tɒnˈtiːn
 
, ˈtɒn-/

noun

1An annuity shared by subscribers to a loan or common fund, the shares increasing as subscribers die until the last survivor enjoys the whole income.
More example sentences
  • The later we leave it, the more the pension becomes a tontine in which the survivor takes all.
  • If you own a house with others in a tontine - so that on death your share goes automatically to the others - where do you stand with regard to inheritance tax?
  • Here one finds the treatment of joint annuities on several lives, the inheritance of annuities, problems about the fair division of the costs of a tontine, and other contracts in which both age and interest on capital are relevant.
1.1A scheme for life assurance in which the beneficiaries are those who survive and maintain a policy to the end of a given period.

Origin

mid 18th century: from French, named after Lorenzo Tonti (1630–95), a Neapolitan banker who started such a scheme to raise government loans in France (circa1653).

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