You have to exclude those causes that generate moral hazard problems for the insurance to work; otherwise, the whole system will fail.

你得将一些,有可能会产生道德风险的情况,排除在外;,否则，整个保险系统就失效了。

耶鲁公开课 - 金融市场课程节选

We're seeing what they call systemic effects-- that's a very general term that goes beyond insurance.

我们现在看到了它的系统性作用,其影响远远超出了保险业自身

耶鲁公开课 - 金融市场课程节选