20. Which of the following is NOT true of catastrophe bonds? a. The structure insulates investors from credit problems at the insurer. b. By fully collateralizing the risk transfer, the structure is designed make sure that the insurer will be paid should a triggering event occur c. Triggers can be model-based, parametric, or indemnity-based. d. The structure fully protects investors from failure of the swap counterparty. e. None of the above