Tontine policy

Tontine policy,

Definition of Tontine policy:

  1. A policy that was popular after the Civil War, which is now illegal. The policy paid dividends to the policyholders who were still living at the end of a certain period. The money for these dividends came from people who had paid in and were now deceased or who had let their policies lapse.

Meaning of Tontine policy & Tontine policy Definition