CT's are current transformers. They don't deal with voltage, only current. All of them have a ratio of primary (large) current to secondary (small) current. The secondary side is usually 5 amps. I've seen ratios all the way from 20:5 up to 6000:5. The advantage here is that a large current can be transmitted by a small wire.
They come in several different classes, depending on the amount of accuracy required. Obviously, a utilitys metering CT's are going to be very accurate, while a CT used to drive a simple ammeter can be a bit less so.
Polarity doesn't usually need to be observed unless they're used in conjunction with a voltage signal. The ratio can be 'changed' by the number of turns the primary wire passes through the core. For example, a 200:5 CT becomes a 100:5 if you pass the wire through the core twice in the same direction. If you go opposite directions, it'll always see 0 current. This is the principal behind 'differential protection' of transformers (usually huge ones), motors, generators (again, gigantic), and other equipment. The CT's measure the current on both sides, but opposite directions, if there's a difference, there's a fault.
CT's must always operate at near short circuit. I can't stress this enough; NEVER open the secondary circuit of any CT with current flowing in the primary. To do so will result in an extremely high voltage (several thousand volts) appearing across the secondary. Usually the CT will be destroyed instantly, sometimes spectacularly!
Sorry for the long-winded post, the above is only a small portion of what CT's can do.