Which of the following describes a cliquet option

A. An option to exchange one asset for another
B. An instrument when the holder can choose between several alternative options
C. An option on an option with predetermined strike prices for the two options
D. A series of options with rules for determining strike prices

D

A cliquet option is a series of options where there are rules for determining strike prices. For example, there could be a series of one-year options where the strike price for each option is the asset price at the beginning of its life.