Defined terms for the annuity market and lifetime income landscape.
The modern tontine revival is the 2010s–2020s academic and commercial reengagement with tontine-structured lifetime income arrangements, driven by published work by Forman, Sabin, Milevsky, and others, accompanied by commercial implementations in several jurisdictions.
Moral hazard is the change in a participant's behavior that occurs when entering an insurance or pooling arrangement alters their exposure to a particular outcome, such that their actions affect the outcome's probability in ways the arrangement's pricing may not have anticipated.
Mortality-contingent redistribution is the pool mechanism by which the share of pool resources that would have funded a deceased member's future income is reallocated to surviving members rather than returned to the deceased member's estate.
A mortality credit is the share of income that flows to a surviving member of a lifetime income arrangement because another member has died, funded by the share of pool resources that would have been paid to that member had they lived.
A mutual aid society is a voluntary association in which members contribute regular dues to a common fund from which benefits are paid to members or their survivors upon specified events, organized historically along occupational, ethnic, religious, fraternal, or geographic lines.
