A cliquet option or ratchet option is an exotic option consisting of a series of consecutive forward start options. The first is active immediately. The second becomes active when the first expires, etc. Each option is struck at-the-money when it becomes active.
A cliquet is, therefore, a series of at-the-money options but where the total premium is determined in advance. A cliquet can be thought of as a series of "pre-purchased" at-the-money options. The payout on each option can either be paid at the final maturity, or at the end of each reset period.
It's time for healing, time to move on
It's time to fix what's been broken too long
Time to make right what has been wrong
It's time to find my way to where I belong
There's a wave that's crashing over me
And all I can do is surrender
Whatever You're doing inside of me
It feels like chaos but somehow there's peace
It's hard to surrender to what I can't see
But I'm giving in to something Heavenly
Time for a milestone, time to begin again
Re-evaluate who I really am
Am I doing everything to follow Your will
Or just climbing aimlessly over these hills?
So show me what it is You want from me
I give everything, I surrender
To whatever You're doing inside of me
It feels like chaos but somehow there's peace
And though it's hard to surrender to what I can't see
I'm giving in to something Heavenly, something Heavenly
Time to face up, clean this old house
Time to breathe in and let everything out
That I wanted to say for so many years
Time to release all my held back tears
Whatever You're doing inside of me
It feels like chaos but I believe
You're up to something bigger than me
Larger than life, something Heavenly
Whatever You're doing inside of me
It feels like chaos but now I can see
This is something bigger than me
Larger than life, something Heavenly, something Heavenly
It's time to face up, clean this old house