tontine


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Related to tontine: Tontine Annuity

Tontine

An organization of individuals who enter into an agreement to pool sums of money or something of value other than money, permitting the last survivor of the group to take everything.

The holders of tontine life insurance contracts enter into an agreement to pay premiums for a certain amount of time before they gain the right to acquire dividends. In the event that a policyholder dies during the tontine policy, his or her beneficiary will be entitled to benefits, but no dividends. The earnings that ordinarily would be used to pay dividends are accumulated during the tontine period and subsequently given only to policyholders who are still alive at the end of the term. This type of policy is known as a dividend-deferred policy. A number of states proscribe such policies.

tontine

n. a rare agreement among several persons, who agree that each will invest in an annuity and the last to die will receive the remaining assets and profits.

tontine

a scheme for raising money by which the lenders receive an annuity for life that increases as the other investors die until the last survivor receives the total of all the annuities.

TONTINE, French law. The name of a partnership composed of creditors or, recipients of perpetual or life-rents or annuities, formed on the condition that the rents of those who may die, shall accrue to the survivors, either in whole or in part.
     2. This kind of partnership took its name from Tonti, an Italian, who first conceived the idea and put it in practice. Merl. Repert. h.t. Dall. Dict. h.t.; 5 Watts, 851.

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The first brick of the Cleveland Tontine was laid on July 13, 1804
A statement from the hotel yesterday said: "Everyone at the Cleveland Tontine is extremely shocked and saddened to hear the dreadful news about Alex Bury and his family.
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Tontine life insurance emerged in the United States in the mid-19th century and became a resoundingly successful alternative to traditional life insurance.
She recommends that before buying a property in France, purchasers consider make a French will, asking a notaire about tontine, the matrimonial regime and SCI' decide whether they will live permanently in France now or in the future, and take financial advice about the tax implications.
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China Tontine Wines Group plans to complete the chateau in 2011 and officially launch the chateau wine in H1 2012.
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Alex graduated from Newcastle University in 2011 and worked as a waiter at the Cleveland Tontine near Middlesbrough for over five years.
The owners of the nearby Cleveland Tontine hotel, where Alex worked part-time as a waiter, said he was "a delightful young man" and "a joy to work with".