Warning

Info

Warning

Info

Warning

Info

LSDefine

Simple English definitions for legal terms

tontine policy

Read a random definition: series code

A quick definition of tontine policy:

A tontine policy is a type of insurance policy where a group of people share the benefits. If someone in the group dies or stops paying, their benefits are shared among the remaining members until only one person is left. This type of policy is named after the person who invented it in the 17th century. Today, newer and better types of insurance have made tontine policies less common.

A more thorough explanation:

Definition: A type of insurance policy where a group of people share advantages and upon the death or default of any participant, their advantages are distributed among the remaining participants until only one remains, who receives the whole amount. No accumulation or earnings are credited to the policy unless it remains in force for a specified number of years. This type of policy takes its name from Lorenzo Tonti, an Italian who invented it in the 17th century.

Example: A group of ten people purchase a tontine policy. Each person pays a premium, and the policy remains in force for 20 years. If any of the participants die or default during this period, their advantages are distributed among the remaining participants. After 20 years, the remaining participants share the accumulated funds, and the last person standing receives the whole amount.

Explanation: The example illustrates how a tontine policy works. The participants share the advantages, and the last person standing receives the whole amount. The policy only accumulates funds if it remains in force for the specified period. This type of policy is not commonly used today.

tonsure | top-hat pension plan

Warning

Info

General

General chat about the legal profession.
main_chatroom
👍 Chat vibe: 0 👎
Help us make LSD better!
Tell us what's important to you
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
WorthlessAttractiveZombie
7:44
My berkeley paragraph finally disappeared. I definitely think it is just an indicator that they are actively reviewing files, and does not mean anything about A, WL, or Rs
WorthlessAttractiveZombie
7:46
Also has anyone's date disappeared for W&L? Mine did last night
7:55
@WorthlessAttractiveZombie: mine did yesterday morning
7:56
Oops sorry I meant Vilanova. Mine disappeared last week
soapy
8:48
UMN under review! As predicted, decisions are gonna come out early December
LSD+ is ad-free, with DMs, discounts, case briefs & more.