tontine

Noun
  1. A form of life insurance whereby on the death or default of a participant his share is distributed to the remaining members (synset 113368765)
    is a type of: life assurance, life insurance - insurance paid to named beneficiaries when the insured person dies
    same as: 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 (synset 113316383)
    is a type of: annuity, rente - income from capital investment paid in a series of regular payments

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