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The definition :
Definitions of
tontine
:
noun
:
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
noun
:
a form of life insurance
whereby
on the death or
default
of a
participant
his share is
distributed
to the remaining members
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