\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.