Definition of tontine in English:
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.
- 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.
mid 18th century: from French, named after Lorenzo Tonti (1630–95), a Neapolitan banker who started such a program to raise government loans in France (circa1653).
Definition of tontine in:
- British & World English dictionary
What do you find interesting about this word or phrase?
Comments that don't adhere to our Community Guidelines may be moderated or removed.
Most popular in the US
Most popular in the UK
Most popular in Canada
Most popular in Australia
Most popular in Malaysia
Most popular in Pakistan