And it's a real danger of incumbency.

的确是有责任风险的。

斯坦福公开课 - 戴尔CEO-Michael.Dell谈创业和发展课程节选

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

It might include risks, as well, of personal liability if someone injures themselves on your property or risks of storms, of hurricanes, earthquakes, everything else; so we call it homeowners' insurance.

其中可能包括他人,在你家里受伤而引起的个人责任风险,或者住宅遭遇暴风雨,飓风,地震,或其他灾害的风险,所以我们称其为住宅保险

耶鲁公开课 - 金融市场课程节选