Tontine insurance

Definition of Tontine insurance

Ton`tine´ in`su´rance
full tontine, plan, all benefits were forfeited on lapsedpolicies, on the policies of those who diedwithin the tontineperiod only the face of the policy was paidwithout any share of the surplus, and the survivor at the end of the tontineperiodreceived the entiresurplus. This plan of tontineinsurance has been replaced in the UnitedStates by the semitontineplan, in which the surplus is dividedamong the holders of policies in force at the termination of the tontineperiod, but the reverse for the paid-upvalue is paid on lapsedpolicies, and on the policies of those that have died the face is paid. Other modifiedforms are calledfree tontine, deferred dividend, etc., according to the nature of the tontinearrangement.
1.(Life Insurance) Insurance in which the benefits of the insurance are distributed upon the tontine principle. Under the old, or

Related Words

life assurance, life insurance, tontine
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