Definition: noun a joint financial arrangement whereby the participants usually contribute equally to a prize that is awarded entirely to the participant who survives all the others

Etymology: French, from Lorenzo Tonti died 1695 Italian banker

Quotation:
– WWII paintings are found, “The Curse of the Flying Hellfish”
Burns: Then it’s agreed. Of course, we can’t sell the paintings now, we’d be caught. How many of you are familiar with the concept of a “tontine”?
[all stare at him, until Ox raises his hand]
Burns: All right, Ox. Why don’t you take us through it?
Ox: Duh, essentially, we all enter into a contract whereby the last surviving participant becomes the sole possessor of all them purty pictures.
Burns: Well put, Oxford.

– from “The Curse of the Flying Hellfish” episode of The Simpsons

Thanks to Clay for the suggestion.