Tontine word meaning and definition

[noun] 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
[noun] a form of life insurance whereby on the death or default of a participant his share is distributed to the remaining members

\Ton*tine"\, n. [F., from It. tontina; -- so called from its inventor, Tonti, an Italian, of the 17th century.] An annuity, with the benefit of survivorship, or a loan raised on life annuities with the benefit of survivorship. Thus, an annuity is shared among a number, on the principle that the share of each, at his death, is enjoyed by the survivors, until at last the whole goes to the last survivor, or to the last two or three, according to the terms on which the money is advanced. Used also adjectively; as, tontine insurance. Too many of the financiers by professions are apt to see nothing in revenue but banks, and circulations, and annuities on lives, and tontines, and perpetual rents, and all the small wares of the shop. --Burke.

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