History? What is this type of Insurance (tontine)

My partner informs me that he has heard of a type of insurance that sailors used which pooled their money, and the funds reverted to the group (or last man) surviving. Have you ever heard of it? He seems to believe that it had the name Tom in it ...

I've never heard of it. Is there a better forum to post general questions?

 

Found it -- tontine.

Not exactly insurance, and not limited to sailors. Interesting story though.

Thanks.

 

Tontines are still found in some military units, and were popular in the world wars, but are seen as gambling with a distinct edge. The Doolittle Raiders bottle of cognac is effectively a tontine. During the Cuban Misslie crisis, my father ended up being the duty corpsman the night the marines mounted out for Gitmo. Because he wasn't going he was approached to hold the envelope ended up putting the money and list in the dispensary safe.