See Also: tontine(dictionary)
TONTINE, French law(law)

tontine (iou)



tontine noun & adjective. M18.
[French, from Lorenzo Tonti (1630-95), Neapolitan banker, who started such a scheme to raise government loans in France around 1653.]
A. noun.
A financial scheme by which subscribers to a loan or common fund each receive an annuity for life, the amount increasing as each dies, till the last survivor enjoys the whole income. Also, the share or right of each subscriber in such a scheme; the subscribers collectively; the fund so established. M18.
A scheme for life assurance in which the beneficiaries are those who survive and maintain a policy to the end of a given period. L19.
b. attrib. or as adjective. Of, pertaining to, or of the nature of a tontine. L18.