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tontine

Syllabification: (ton·tine)

Pronunciation: /ˈtänˌtēn, tänˈtēn/

Definition of tontine

noun

an annuity shared by subscribers to a loan or common fund, the shares increasing as subscribers die until the last survivor enjoys the whole income.
a scheme for life insurance in which the beneficiaries are those who survive and maintain a policy to the end of a given period.

Origin:

mid 18th century: from French, named after Lorenzo Tonti (1630–95), a Neapolitan banker who started such a program to raise government loans in France (circa1653)