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.

艾德里安整理

• Upon the same revenue, more money can always be raised by tontines than by annuities for separate lives. 亚当·斯密. 国富论.

整理:马文