Which of the following is NOT true of credit default swaps?

a)The buyers of credit default swaps receive compensation when default events occur

b)Credit default swaps fail to obey the 'insurance principle'

c) Credit default swaps are securities entitling investors to a share of the income from a pool of debts, such as housing mortgages

d) Credit default swaps are largely unregulated insurance policies

e) The seller of credit default swaps receive regular premiums from purchasers of those swaps