Tontine
WordNet
noun
(1) 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
(2) A form of life insurance whereby on the death or default of a participant his share is distributed to the remaining members
WiktionaryText
Noun
- A form of investment in which, on the death of an investor, his share is divided amongst the other investors.