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History[ edit ] The investment plan is named after Neapolitan banker Lorenzo de Tontiwho is credited with inventing it in France inalthough it has been suggested that he merely modified existing Italian investment schemes.
The French finally established a state tontine in  though it was not described by that name because Tonti had died in disgrace, about five years earlier. The English government organised a tontine in Those in Britain were not fully subscribed, and in general the British schemes tended to be less popular and successful than their continental counterparts.
Each investor then receives annual dividends on the capital invested. As each investor dies, his or her share is reallocated among the surviving investors. This process continues until only one investor survives.
Each subscriber receives only dividends; the capital is never paid back. This eased the problem of death-verification and also reduced the risk of murder etc. Patent[ edit ] First page of Dousset French patent for a tontine Financial inventions were patentable under French law from January until September In June a patent was issued to inventor F.
Dousset for a new type of tontine in combination with a lottery. The initial subscribers each put in livres and, unlike most later schemes, this one was run honestly; the last survivor, a widow named Charlotte Barbier, who died in at the age of 96, received 73, livres in her last payment.
At first, tontine holders included men and women of all ages.
However, by the midth century, investors were beginning to understand how to game the systemand it became increasingly common to buy tontine shares for young children, especially for girls around the age of 5 since girls lived longer than boys, and by which age they were less at risk of infant mortality.
This created the possibility of significant returns for the shareholders, with significant losses for the organizers. As a result, tontine schemes were eventually abandoned, and by the mids tontines had been replaced by other investment vehicles, such as " penny policies ", a predecessor of the 20th-century pension scheme.
These sometimes contained the word "tontine" in their name. Richmond Bridgeacross the River Thames west of London, was financed using a tontine in The Tontine Hotel in IronbridgeShropshire, stands prominently at one end of the Iron Bridge from which the town takes its name: The first Freemasons' Hall, London.
Subscribers were able to nominate someone other than themselves as the person on whose life the share was staked. On the subscriber's death they could leave their share to that person, or to anyone else.
The huge piles of cash produced by the tontines' deferred payout structures proved too much temptation for the issuers—especially the profligate son James Hyde. As the funds in the investment account accumulated, they found their way into directors' and agents' pockets.
Worse, this loot also migrated into the hands of judges and legislators, who reciprocated with judgments and laws that stymied burned policyholders. In essence, the result of the investigation was to ban the continued sale of tontines which contained toxic clauses for consumers and which resulted in lower returns for the Insurance Companies.
In New Zealand at the time, another of the chief critics of tontines had been the government, which also issued its own insurance.
In Singapore, the Chit Funds Act of  defines the application of legislation to the operation of tontines. Broader uses of the term[ edit ] In French-speaking cultures, particularly in developing countriesthe meaning of the term "tontine" has broadened to encompass a wider range of semi-formal group savings and microcredit schemes.
The crucial difference between these and tontines in the traditional sense is that benefits do not depend on the deaths of other members. They are wound up after each cycle of loans.
Sabin, using modern actuarial techniques to calculate fair transfer payments when participants are of different ages and have made different contributions, proposed a new structure of pension plan on the tontine model, through which large employers could provide retirement income for their employees.Each free business plan template is available in Microsoft Word (DOC) format, and many of the Business Plan Forms are available in Excel (XLS) format as well.
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