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Continue to ChatA credit default swap was confusing mainly because it wasn't really a swap at all. It was an insurance policy, typically on a corporate bond, with semiannual premium payments and a fixed term. - Michael Lewis from https://whatsmyquote.com/quote/a-credit-default-swap-was-confusing-mainly-because-it-wasn-t-really-a-swap-at-all-it-was-an-insurance-policy