A credit-default swap:

(a) Is a form of derivative financial instrument.

(b) Is a financial instrument that gives the holder of the instrument the right to receive payment from the writer of the instrument if investments in specified loans suffer defaults or losses.

(c) Could give the holder of the instrument the right to payment on the default of a specified loan even if the holder of the instrument did not have a direct investment in the loan.

(d) All of the above.