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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 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 pro ... [...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] |
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 t ... [...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 expen ... [...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 popu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Business Method Patent
Business method patents are a class of patents which disclose and claim new methods of doing business. This includes new types of e-commerce, insurance, banking and tax compliance etc. Business method patents are a relatively new species of patent and there have been several reviews investigating the appropriateness of patenting business methods. Nonetheless, they have become important assets for both independent inventors and major corporations. Background In general, inventions are eligible for patent protection if they pass the tests of patentability: patentable subject matter, novelty, inventive step or non-obviousness, and industrial applicability (or utility). A business method may be defined as "a method of operating any aspect of an economic enterprise". History France On January 7, 1791, France passed a patent law that stated that "Any new discovery or invention, in all types of industry, is owned by its author...". Inventors paid a fee depending upon the desir ... [...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 b ... [...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 d ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
French Livre
The livre (abbreviation: £ or ₶., French for (pound)) was the currency of Kingdom of France and its predecessor state of West Francia from 781 to 1794. Several different livres existed, some concurrently. The livre was the name of coins and of units of account. History Origin and etymology The livre was established by Charlemagne as a unit of account equal to one pound of silver. It was subdivided into 20 '' sous'' (also ''sols''), each of 12 '' deniers''. The word ''livre'' came from the Latin word '' libra'', a Roman unit of weight and still the name of a pound in modern French, and the denier comes from the Roman denarius. This system and the denier itself served as the model for many of Europe's currencies, including the British pound, Italian lira, Spanish dinero and the Portuguese dinheiro. This first livre is known as the . Only deniers were initially minted, but debasement led to larger denominations being issued. Different mints in different regions used d ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bath, Somerset
Bath () is a city in the Bath and North East Somerset unitary area in the ceremonial counties of England, county of Somerset, England, known for and named after its Roman Baths (Bath), Roman-built baths. At the 2021 Census, the population was 101,557. Bath is in the valley of the River Avon (Bristol), River Avon, west of London and southeast of Bristol. The city became a World Heritage Site in 1987, and was later added to the transnational World Heritage Site known as the "Great Spa Towns of Europe" in 2021. Bath is also the largest city and settlement in Somerset. The city became a spa with the Latin name ' ("the waters of Sulis") 60 AD when the Romans built Roman Baths (Bath), baths and a temple in the valley of the River Avon, although List of geothermal springs in the United Kingdom, hot springs were known even before then. Bath Abbey was founded in the 7th century and became a religious centre; the building was rebuilt in the 12th and 16th centuries. In the 17th ce ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Public Works
Public works are a broad category of infrastructure projects, financed and constructed by the government, for recreational, employment, and health and safety uses in the greater community. They include public buildings ( municipal buildings, schools, and hospitals), transport infrastructure ( roads, railroads, bridges, pipelines, canals, ports, and airports), public spaces ( public squares, parks, and beaches), public services ( water supply and treatment, sewage treatment, electrical grid, and dams), and other, usually long-term, physical assets and facilities. Though often interchangeable with public infrastructure and public capital, public works does not necessarily carry an economic component, thereby being a broader term. Public works has been encouraged since antiquity. For example, the Roman emperor Nero encouraged the construction of various infrastructure projects during widespread deflation. Overview Public works is a multi-dimensional concept in ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
England
England is a country that is part of the United Kingdom. It shares land borders with Wales to its west and Scotland to its north. The Irish Sea lies northwest and the Celtic Sea to the southwest. It is separated from continental Europe by the North Sea to the east and the English Channel to the south. The country covers five-eighths of the island of Great Britain, which lies in the North Atlantic, and includes over 100 smaller islands, such as the Isles of Scilly and the Isle of Wight. The area now called England was first inhabited by modern humans during the Upper Paleolithic period, but takes its name from the Angles, a Germanic tribe deriving its name from the Anglia peninsula, who settled during the 5th and 6th centuries. England became a unified state in the 10th century and has had a significant cultural and legal impact on the wider world since the Age of Discovery, which began during the 15th century. The English language, the Anglican Church, and Eng ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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