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。
The plan is analogous to an insurer buying a house it provided fire insurance on, negating the need for an insurance policy on the home.
这个计划相当于一家保险公司买了由自己提供火灾保险的一幢房子，这样就用不着保险单了。
He took out a fire insurance policy for his house.
他参加房屋火灾保险。
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