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Reminds me of a precursor to life insurance, if only I could remember what it was called... Kind of a lottery / pool, all participants paid into it and the last
by CRConrad 5y ago
Reminds me of a precursor to life insurance, if only I could remember what it was called... Kind of a lottery / pool, all participants paid into it and the last survivor inherited the lot. IIRC.
Come to think of it, reminds me of life insurance: that's also a financial instrument the value of which depends on the lifespan of a specific named person.
- CRConrad 5y agoUnless there's something even closer to what I was warbling on about, it was probably a tontine: https://en.wikipedia.org/wiki/Tontine https://en.wikipedia.org/wiki/Tontine