Those exclusions are carefully designed in regard to moral hazard and selection bias.

除外责任是考虑到道德风险和选择性偏差,而精心设计的

耶鲁公开课 - 金融市场课程节选

It specifies what risks are covered, exclusions--some risks are not covered.

它必须约定被保险的风险有哪些,以及除外责任,即不被保险的风险有哪些

耶鲁公开课 - 金融市场课程节选