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Noun: tontine  'tón,teen
  1. A form of life insurance whereby on the death or default of a participant his share is distributed to the remaining members
    - 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

Derived forms: tontines

Type of: annuity, life assurance [Brit, Cdn], life insurance [N. Amer], rente [rare]

Encyclopedia: Tontine