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ton·tine /ˈtäntēn/
noun
an annuity shared by subscribers to a loan or common fund, the shares increasing as subscribers die until the last survivor enjoys the whole income.
a scheme for life insurance in which the beneficiaries are those who survive and maintain a policy to the end of a given period.
(This form of investment vehicle is illegal in the United States. Bets and challenges modeled on the tontine, however, eg four bachelors vowing never to marry and the last man who's single gets the bottle of Scotch, are not at all unheard of, and to my knowledge these are not regulated in any way.)
noun
an annuity shared by subscribers to a loan or common fund, the shares increasing as subscribers die until the last survivor enjoys the whole income.
a scheme for life insurance in which the beneficiaries are those who survive and maintain a policy to the end of a given period.
(This form of investment vehicle is illegal in the United States. Bets and challenges modeled on the tontine, however, eg four bachelors vowing never to marry and the last man who's single gets the bottle of Scotch, are not at all unheard of, and to my knowledge these are not regulated in any way.)