It has to have a contract design; that would be a document, which is a contract between the insured and the insurance company.

它必须有合同设计,那是一个文件,也就是被保险人和保险公司签订的合同

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In order to devise an insurance contact that does this job, we have to have a contract between an insurance company and the insured.

要想设计一个保险合约,要想做这项工作，我们得在保险公司和,被保险人之间建立一个合约。

耶鲁公开课 - 金融市场课程节选