tontine

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• March 4. 2016 from wordnet.princeton.edu

  tontine — noun — english

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

• March 4. 2016 from wordnet.princeton.edu

  tontine — noun — english

  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