A distinct subdivision of a single policyholder's benefits, typically relating to separate premium increments.
A pension scheme's or scheme member's benefits relating to distinct accrual periods with different rules.
One of a set of classes or risk maturities that compose a multiple-class security, such as a CMO or REMIC; a class of bonds. Collateralized mortgage obligations are structured with several tranches of bonds that have various maturities.
To divide into tranches.
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