There's still substantial insurance risk because the-- it could easily be only 15% or it could be 25% of the policies that end up paying.

这其中仍然存在一定的保险风险...,最后可能只有15%需要赔付,或者25%需要赔付

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