A CDS works like a fire-insurance policy: the holder pays a regular premium, but if the house burns down there is a big payoff.

一个信用违约互换就象一张火灾保险单：持有人定期支付保险费，但是假如房屋被烧毁，就有一笔大额偿付。

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I hereby authorize Sun Hung Kai Properties Insurance Ltd. to charge my credit card account below for the above Fire Insurance annual premium payment.

本人授权新鸿基地产保险有限公司从本人下述之信用咭账户支取火险全年保费。

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