Which of the following is/are correct? A catastrophe call spread option

a.

is a call option on the loss ratio incurred in writing catastrophe insurance with a capped (or maximum) payout.

b.

purchaser receives a hedge against a range of loss ratios that may occur.

c.

expires out-of-the-money if the loss ratios are below the minimum stated ratio.

d.

Only a and b

e.

All of the above