Tontine - Definition
tontine
n 1: a form of life insurance whereby on the death or default of
a participant his share is distributed to the remaining
members [syn: tontine, tontine insurance]
2: 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