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tontine

DEFINITIONS OF: tontine

1

n 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

Type of:
annuity, rente
income from capital investment paid in a series of regular payments

n 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
Type of:
life assurance, life insurance
insurance paid to named beneficiaries when the insured person dies
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