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

耶鲁公开课 - 金融市场课程节选

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

They have to contend with something called moral hazard, which is the risk that people will be affected by the fact that they're insured and do something bad.

保险公司必须应对道德风险的问题,也就是说,有些人可能会因为购买了保险,而动了歪念来骗取保费

耶鲁公开课 - 金融市场课程节选

They said, it's not going to work because you have to decide how much the house is insured for and then anybody--If you ever make a mistake and you insure it for too much, then the people who realize they've got one on the insurance company-- they've insured the house for more than it's worth-- they'll burn down their house and collect the money.

他们说，火险根本无法实施,因为你必须判断,这房子的保价是多少,一旦你出现了一些失误,保价评估得过高，那些意识到他们可能会从,保险公司赚利的人们-,即保险公司的保价高于房子的实际价值-,他们就会烧掉自己的房子来赚钱。

耶鲁公开课 - 金融市场课程节选