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Tontine
A tontine () is an investment linked to a living person which provides an income for as long as that person is alive. Such schemes originated as plans for governments to raise capital in the 17th century and became relatively widespread in the 18th and 19th centuries. Tontines enable subscribers to share the risk of living a long life by combining features of a group Annuity (financial contracts), annuity with a kind of mortality lottery. Each subscriber pays a sum into a trust and thereafter receives a periodical payout. As members die, their payout entitlements devolve to the other participants, and so the value of each continuing payout increases. On the death of the final member, the trust scheme is usually wound up. Tontines are still common in France. They can be issued by European insurers under the Directive 2002/83/EC of the European Parliament. The Pan-European Pension Regulation passed by the European Commission in 2019 also contains provisions that specifically permit ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tontine Hotel Sign, Ironbridge, UK
A tontine () is an investment linked to a living person which provides an income for as long as that person is alive. Such schemes originated as plans for governments to raise capital in the 17th century and became relatively widespread in the 18th and 19th centuries. Tontines enable subscribers to share the risk of living a long life by combining features of a group annuity with a kind of mortality lottery. Each subscriber pays a sum into a trust and thereafter receives a periodical payout. As members die, their payout entitlements devolve to the other participants, and so the value of each continuing payout increases. On the death of the final member, the trust scheme is usually wound up. Tontines are still common in France. They can be issued by European insurers under the Directive 2002/83/EC of the European Parliament. The Pan-European Pension Regulation passed by the European Commission in 2019 also contains provisions that specifically permit next-generation pension produ ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tontine Coffee House
The Tontine Coffee House was a coffeehouse in Manhattan, New York City, established in early 1793. Situated at 82 Wall Street, on the north-west corner of Water Street,Nathans, p. 133 it was built by a group of stockbrokers to serve as a meeting place for trade and correspondence. It was organized as a tontine, a type of investment plan, and funded by the sale of 203 shares of £200 each. The May 17, 1792, creation of the Buttonwood Agreement, which bound its signatories to trade only with each other, effectively gave rise to a new organization of tradespeople.Sobel, p. 21 History In its prime, the Tontine was among New York City's busiest centers for the buying and selling of stocks and other wares, for business dealings and discussion, and for political transaction.Antol, p. 53 Having had a dual function as a combination club and a meeting room, the coffee house played host to auctions, banquets, and balls, among others. After hours, gambling and securities dealings were tha ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Armstrong Investigation
The Armstrong Committee, formally the Joint Committee of the Senate and Assembly of the State of New York to Investigate and Examine into the Business and Affairs of Life Insurance Companies Doing Business in the State of New York was an investigation begun in late 1905 when the New York State Legislature initiated an investigation of the life insurance companies operating in New York. The Equitable Life Assurance Society of the United States had grown to be one of the largest insurance companies in the United States, with over $1 billion in assets around 1900. After continued elaborate activities by the executives at the company, allegations of corruption occurred. The investigation by the New York Insurance Department began after an accumulation of complaints by consumers and other insurers, and was catalyzed by rumors that James Hazen Hyde, a vice president and expected next corporate president of The Equitable Life Assurance Society of the United States, had charged the expe ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Lorenzo De Tonti
Lorenzo de Tonti (c. 1602 - c. 1684) was a governor of Gaeta, Italy and a Neapolitan banker. He is sometimes credited with the invention of the tontine, a form of life insurance, although it has also been suggested that he simply modified existing procedures. Around 1650, his wife, Isabelle di Lietto, gave birth to their first son, the future explorer Henri de Tonti. Shortly afterwards, Tonti was involved in a revolt against a Spanish viceroy in Naples and had to seek political asylum in France. Their second son, Alphonse de Tonty, was born in Paris and later helped establish Detroit, Michigan. For reasons unknown, Louis XIV had him imprisoned in the Bastille from 1668 to 1675. Around 1684, he died in obscurity of unknown causes. References External links * "The Great Tontine Gamble", one of a series of articles by Burton J. Hendrick appearing in ''McClure's Magazine ''McClure's'' or ''McClure's Magazine'' (1893–1929) was an American illustrated monthly periodical popular ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Pan-European Pension
The Pan-European Pension Product (PEPP) or like Pan-European Personal Pension Product is a proposed pension which will be available to residents of the European Union. The PEPP is designed to give the 240 million savers in the EU a better choice in the fragmented and uneven European market, where options are nearly non-existent in some member states. PEPPs are regulated by the Regulation 2019/1238. This regulation lays the legal foundation for a single European market for personal pensions. The PEPP will be complementary to existing state, occupational and private pension systems on national level. After endorsement by the European Parliament and official adoption by the European Council the PEPP regulation was published in July 2019 and will enter into application in August 2020. The first PEPPs are expected to be offered in late 2021. Valdis Dombrovskis, a vice-president of the European Commission responsible for financial services, said "It has enormous potential as it will off ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Pension
A pension (, from Latin ''pensiō'', "payment") is a fund into which a sum of money is added during an employee's employment years and from which payments are drawn to support the person's retirement from work in the form of periodic payments. A pension may be a " defined benefit plan", where a fixed sum is paid regularly to a person, or a " defined contribution plan", under which a fixed sum is invested that then becomes available at retirement age. Pensions should not be confused with severance pay; the former is usually paid in regular amounts for life after retirement, while the latter is typically paid as a fixed amount after involuntary termination of employment before retirement. The terms "retirement plan" and "superannuation" tend to refer to a pension granted upon retirement of the individual. Retirement plans may be set up by employers, insurance companies, the government, or other institutions such as employer associations or trade unions. Called ''retirement plan ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Kampen, Overijssel
Kampen () is a city and municipality in the province of Overijssel, Netherlands. A member of the former Hanseatic League, it is located at the lower reaches of the river IJssel. The municipality of Kampen had a population of in and covers an area of . Kampen is located in the North West of Overijssel and is the largest city in this region. The city of Kampen itself has around 37,000 inhabitants. Kampen has one of the best preserved old town centres of the Netherlands, including remains of the ancient city wall (of which three gates are still standing) and numerous churches. Also notable are the three bridges over the IJssel which connect Kampen with IJsselmuiden and Kampereiland, the agricultural area between the branches which form the IJssel delta, and a windmill (''d' Olde Zwarver – ''the Old Vagabond). Since November 2018, the town and some communes are on a river island. Between the 14th and 16th century it was the biggest town in the Northern Netherlands (modern day ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bath Assembly Rooms
The Bath Assembly Rooms, designed by John Wood the Younger in 1769, are a set of assembly rooms located in the heart of the World Heritage City of Bath in England which are now open to the public as a visitor attraction. They are designated as a Grade I listed building. During the Georgian era Bath became fashionable, and the architects John Wood, the Elder, and his son laid out new areas of housing for residents and visitors. Assembly rooms had been built early in the 18th century, but a new venue for balls, concerts and gambling was envisaged in the area between Queen Square, The Circus and the Royal Crescent. Robert Adam submitted a proposal that was rejected as too expensive. John Wood, the Younger raised funding through a tontine, and construction started in 1769. The new or upper assembly rooms opened with a grand ball in 1771 and became the hub of fashionable society, being frequented by Jane Austen and Charles Dickens, along with the nobility of the time. The build ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Annuity (financial Contracts)
A life annuity is an annuity, or series of payments at fixed intervals, paid while the purchaser (or annuitant) is alive. The majority of life annuities are insurance products sold or issued by life insurance companies however substantial case law indicates that annuity products are not necessarily insurance products. Annuities can be purchased to provide an income during retirement, or originate from a ''structured settlement'' of a personal injury lawsuit. Life annuities may be sold in exchange for the immediate payment of a lump sum (single-payment annuity) or a series of regular payments (flexible payment annuity), prior to the onset of the annuity. The payment stream from the issuer to the annuitant has an unknown duration based principally upon the date of death of the annuitant. At this point the contract will terminate and the remainder of the fund accumulated is forfeited unless there are other annuitants or beneficiaries in the contract. Thus a life annuity is a form ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Richmond Bridge, London
Richmond Bridge is an 18th-century stone arch bridge that crosses the River Thames at Richmond, connecting the two halves of the present-day London Borough of Richmond upon Thames. It was designed by James Paine and Kenton Couse. The bridge, which is Grade I listed, was built between 1774 and 1777, as a replacement for a ferry crossing which connected Richmond town centre on the east bank with its neighbouring district of East Twickenham to the west. Its construction was privately funded by a tontine scheme, for which tolls were charged until 1859. Because the river meanders from its general west to east direction, flowing from southeast to northwest in this part of London, what would otherwise be known as the north and south banks are often referred to as the "Middlesex" (Twickenham) and "Surrey" (Richmond) banks respectively, named after the historic counties to which each side once belonged. The bridge was widened and slightly flattened in 1937–40, but otherwise ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Lisbon
Lisbon (; pt, Lisboa ) is the capital and largest city of Portugal, with an estimated population of 544,851 within its administrative limits in an area of 100.05 km2. Lisbon's urban area extends beyond the city's administrative limits with a population of around 2.7 million people, being the 11th-most populous urban area in the European Union.Demographia: World Urban Areas - demographia.com, 06.2021 About 3 million people live in the Lisbon metropolitan area, making it the third largest metropolitan area in the , after |
Gaming The System
Gaming the system (also rigging, abusing, cheating, milking, playing, working, or breaking the system, or gaming or bending the rules) can be defined as using the rules and procedures meant to protect a system to, instead, manipulate the system for a desired outcome. According to James Rieley, a British advisor to CEOs and an author, structures in companies and organizations (both explicit and implicit policies and procedures, stated goals, and mental models) drive behaviors that are detrimental to long-term organizational success and stifle competition. For some, error is the essence of gaming the system, in which a gap in protocol allows for errant practices that lead to unintended results. Although the term generally carries negative connotations, gaming the system can be used for benign purposes in the undermining and dismantling of corrupt or oppressive organisations. History The first known documented use of the term "gaming the system" is in 1975. Examples Finance ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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