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tontine
noun
A form of life insurance whereby on the death or default of a participant their share is distributed to the remaining members
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tɒnˈtiːn
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noun
A form of life insurance whereby on the death or default of a participant their share is distributed to the remaining members
noun
An annuity scheme wherein participants share certain benefits and on the death of any participant their benefits are redistributed among the remaining participants; can run for a fixed period of time or until the death of all but one participant
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