tontine
pronunciation
How to pronounce tontine in British English:
UK ['tɒnti:n]
How to pronounce tontine in American English:
US ['tɒntin]
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- Noun:
- a form of life insurance whereby on the death or default of a participant his share is distributed to the remaining members
- 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
Word Origin
- tontine (n.)
- 1765, from French tontine, named for Lorenzo Tonti, Neapolitan banker in Paris who in 1653 first proposed this method of raising money in France.