tontine[tän′tēn′, tän tēn′]
- 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 of tontineFrench ; from Italian tontina, after Lorenzo Tonti, Neapolitan banker who introduced the system into France in the 17th circa
- 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 of tontineFrench, after Lorenzo Tonti, (1635–1690?), Italian-born French banker.
From French tontine, named after Lorenzo de Tonti, who introduced the scheme into France in around 1653.