Etymology
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tontine (n.)

1765, from French tontine, named for Lorenzo Tonti, Neapolitan banker in Paris who in 1653 first proposed this method of raising money in France.

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Definitions of tontine

tontine (n.)
a form of life insurance whereby on the death or default of a participant his share is distributed to the remaining members;
Synonyms: tontine insurance
tontine (n.)
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;
From wordnet.princeton.edu