CBOT catastrophe call spread options have variable payoffs that are capped at a level of less than 100 percent of extreme losses.

Name: CBOT catastrophe call spread options have variable payoffs that are capped at a level of less than 100 percent of extreme losses.
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CBOT catastrophe call spread options are designed to provide payouts based on specific loss indices, with payoffs capped to limit the maximum payout to less than the total extreme losses.

CBOT Catastrophe Call Spread Options Have Variable Payoffs That Are