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tontinemore about tontine

tontine


  2  definitions  found 
 
  From  Webster's  Revised  Unabridged  Dictionary  (1913)  [web1913]: 
 
  Tontine  \Ton*tine"\,  n.  [F.,  from  It  tontina;  --  so  called  from 
  its  inventor,  Tonti  an  Italian,  of  the  17th  century.] 
  An  annuity,  with  the  benefit  of  survivorship,  or  a  loan 
  raised  on  life  annuities  with  the  benefit  of  survivorship. 
  Thus  an  annuity  is  shared  among  a  number,  on  the  principle 
  that  the  share  of  each  at  his  death,  is  enjoyed  by  the 
  survivors,  until  at  last  the  whole  goes  to  the  last  survivor, 
  or  to  the  last  two  or  three  according  to  the  terms  on  which 
  the  money  is  advanced.  Used  also  adjectively;  as  tontine 
  insurance. 
 
  Too  many  of  the  financiers  by  professions  are  apt  to 
  see  nothing  in  revenue  but  banks,  and  circulations,  and 
  annuities  on  lives,  and  tontines,  and  perpetual  rents, 
  and  all  the  small  wares  of  the  shop.  --Burke. 
 
  From  WordNet  r  1.6  [wn]: 
 
  tontine 
  n  1:  a  form  of  life  insurance  whereby  on  the  death  or  default  of 
  a  participant  his  share  is  distributed  to  the  remaining 
  members  [syn:  {tontine  insurance}] 
  2:  an  annuity  scheme  wherein  participants  share  certain 
  benefits  and  on  the  death  of  any  participant  his  benefits 
  are  redistributed  among  the  remaining  participants;  can 
  run  for  a  fixed  period  of  time  or  until  the  death  of  all 
  but  one  participant 




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