tontine
1
9.9
- noun
- /tɑnˈtin/
- Archaic
:
tontina
- It consists of a general tontine drawn up before the event of her husband's death 46 years ago, in combination with 635 amendments, notations, corrections and letters of wishes executed during the subsequent decades.
Examples
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In a tontine, as members pass away, their shares are redistributed to the surviving investors.
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Earlier, the U.K. government had used a similar approach to finance the War of the Spanish Succession (1702-13), mostly at interest rates of 8-10 percent and with heavy use of tontines and lotteries.
Academic text (2018) -
"She proceeds to spin a tidy narrative of how they'd sit down at the Tontine Coffee Shop, an important early 19th-century hub near what is now the South Street Seaport, and discuss several issues of great concern to Hamilton, among them taxation and slavery, and in the process.
Blog text (22) -
A tontine allows participants to invest together, with the last remaining member receiving the total fund.
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Many investors are interested in a tontine because it can provide a return based on the longevity of its members.
Synonyms
A life insurance plan where a member's share goes to survivors when they die
Compounds
- Archaic
A life insurance plan where a member's share goes to survivors when they die
Surface Forms
Etymology
The word tontine is named after an Italian banker, Tonti, who set up a plan where people paid into one fund and the survivors shared the money as others died. So, a tontine is easy to remember as a 'last person standing' or 'last survivor' plan where the final survivor gets the remaining money.