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Hasil cari dari kata atau frase: tontine insurance(0.01086 detik)
Found 2 items, similar to tontine insurance.
English → English (WordNet)
Definition: tontine insurance
n : a form of life insurance whereby on the death or default of
a participant his share is distributed to the remaining
members [syn: tontine]
English → English (gcide)
Definition: Tontine insurance
Tontine insurance \Ton*tine" in*su"rance\ (Life Insurance)
Insurance in which the benefits of the insurance are
distributed upon the tontine principle. Under the old, or
full tontine, plan, all benefits were forfeited on lapsed
policies, on the policies of those who died within the
tontine period only the face of the policy was paid
without any share of the surplus, and the survivor at the
end of the tontine period received the entire surplus.
This plan of tontine insurance has been replaced in the
United States by the
semitontine plan, in which the surplus is divided among the
holders of policies in force at the termination of the
tontine period, but the reverse for the paid-up value is
paid on lapsed policies, and on the policies of those that
have died the face is paid. Other modified forms are
called free tontine, deferred dividend, etc.,
according to the nature of the tontine arrangement.
[Webster 1913 Suppl.]