A form of life insurance whereby on the death or default of a participant his share is distributed to the remaining members.

synonym: tontine insurance.

Roget 810: receipt, value received, money coming in; income, incomings, innings, revenue, return, proceeds; gross receipts, net profit; earnings etc. (gain) 775; accepta^†, avails.    rent, rent roll; rental, rentage^†; rack-rent.    premium, bonus; sweepstakes, tontine.    pension, annuity; jointure etc. (property) 780^†; alimony, palimony [Coll.], pittance; emolument etc. (remuneration) 973.    ... show more

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.