It turns out that if you make them forfeit their cash value on canceling, then they won't cancel.

但是如果你规定保单的现金价值,会随保单的取消而消失,他们就不会这么干了

耶鲁公开课 - 金融市场课程节选

The idea is that if you spread risks they don't disappear, they're still there, but they're spread out over many people and the impact on any one person is reduced.

这种观念就是说如果你把风险分散...,风险仍然存在,并没有消失,但如果风险分散到许多人身上,那每一个人受到风险的冲击就会减少

耶鲁公开课 - 金融市场课程节选

As reported contemporaneously in 2000,the number was -3.1% but if you look at the number reported for 2005, because bad records had disappeared and good records had been added, all of a sudden the average experience for that year went up to +1.2%.

000年期的公告中这个数字为负3.1%,但是如果你去查2005年公告的数字,坏记录已经调整而消失,有利的投资记录被加入,转瞬之间,年平均收益升至1.2%

耶鲁公开课 - 金融市场课程节选