Kenfack said the application allows friends across the world to meet all the requirements linked to a tontine
Of course, tontines can be designed to avoid such mischief.
example, governments issued tontines instead of regular bonds.
those tontines, the government would keep the tontine investors'
Over the years, tontines like King William's became quite
By now, my mother May would have been ten months into a Christmas Club with the local corner shop as well as paying into a tontine to ensure Father Christmas would be visiting our house.
She wrote: "My husband had an aunty who lived at the bottom of China Street from where his mother ran a tontine, a word sometimes used to define a burial fund.
Of course, the tontine became a celebration of Christmas, when everyone could go to the market and get the Christmas dinner sorted.
Tontines were explicitly designed to appeal to non-standard motives for buying insurance.
TONTINES FOR HEALTH The payoff from this history lies in what life insurance tontines teach about the potential for insurance that allows people to "back their own lives" (or health).
A natural response to our proposal is to ask why we do not see tontines in today's health insurance market if they make such good economic sense.
A longer and admittedly more speculative answer revolves around the longstanding effort to separate insurance from gambling, a related commitment among insurance practitioners to an understanding of insurance that leaves little room for "spicy" insurance products, the self-conscious transformation of health insurance companies into health care companies, and lingering (but misplaced) concerns about the legality of tontines.
225) Many states followed New York's lead, and tontines soon fell out of favor.
In fact, today, only Louisiana and South Carolina have statutes that actually ban tontines.
Salisbury, Optimal Retirement Tontines for the 21st Century: With Reference to Mortality Derivatives in 1693, at 2 (May 28, 2013) (unpublished manuscript), available at http://papers.