tontine[tän′tēn′, tän tēn′]
tontine definition by Webster's New World
Webster's New World College Dictionary Copyright © 2010 by Wiley Publishing, Inc., Cleveland, Ohio. Used by arrangement with John Wiley & Sons, Inc.
- a fund to which a group of persons contribute, the benefits ultimately accruing to the last survivor or to those surviving after a specified time
- the subscribers to such a fund, collectively
- the total fund or the share of each subscriber
- any annuity or insurance system of this kind
Origin: French ; from Italian tontina, after Lorenzo Tonti, Neapolitan banker who introduced the system into France in the 17th circa
tontine definition by American Heritage Dictionary
- An investment plan in which participants buy shares in a common fund and receive an annuity that increases every time a participant dies, with the entire fund going to the final survivor or to those who survive after a specified time.
- Each member's share of a tontine.
- The subscribers to a tontine.
Origin: French, after Lorenzo Tonti (1635-1690?), Italian-born French banker.