Why do CDSs have coupon rates?

CFA Level II Fixed Income
#1

Isn’t it just an insurance? Why are there coupon payments?

#2

Where did you see a CDS with a coupon rate?

#3

My bad! Question showed that the bond had a 5% coupon, and PM purchased a CDS with a 2.5% spread.

#4

Whew!

For a moment there, I thought that you were losing your mind.