Definition of tontine

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< tonsure

tonus >

ton·tine    (tntn, tn-tn) KEY 

NOUN:

1. An investment plan in which participants buy shares in a common fund and receive an annuity that increases every time a participant dies, with the entire fund going to the final survivor or to those who survive after a specified time.
2. Each member's share of a tontine.
3. The subscribers to a tontine.

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ETYMOLOGY:
French, after Lorenzo Tonti (1635-1690?), Italian-born French banker