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tontine
Definitions
[tɒnˈtiːn], (Noun)
Definitions:
- 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
Phrases:
Origin
:
mid 18th century: from French, named after Lorenzo Tonti (1630–95), a Neapolitan banker who started such a scheme to raise government loans in France (c.1653)
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definition by Oxford Dictionaries