|n.||1.||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; |
|Noun||1.||tontine - 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
|2.||tontine - 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|
TONTINE, French law. The name of a partnership composed of creditors or,
recipients of perpetual or life-rents or annuities, formed on the condition
that the rents of those who may die, shall accrue to the survivors, either
in whole or in part.
2. This kind of partnership took its name from Tonti, an Italian, who first conceived the idea and put it in practice. Merl. Repert. h.t. Dall. Dict. h.t.; 5 Watts, 851.