Semitontine

2 definitions found

From The Collaborative International Dictionary of English v.0.48 [gcide]:

  Semitontine \Sem`i*ton*tine"\, a. (LIfe Insurance)
     Lit., half-tontine; -- used to designate a form of tontine
     life insurance. See {Tontine insurance}. --
     {Sem`i*ton*tine"}, n.
     [Webster 1913 Suppl.]



From The Collaborative International Dictionary of English v.0.48 [gcide]:

  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.]