tontine

/ˌtɑnˈtin/

Other forms: tontines

Definitions of tontine

1. noun

   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
   type of:

   annuity, rente

   income from capital investment paid in a series of regular payments
2. noun

   a form of life insurance whereby on the death or default of a participant his share is distributed to the remaining members
   synonyms: tontine insurance

   type of:

   life assurance, life insurance

   insurance paid to named beneficiaries when the insured person dies