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 specifies--what does it specify?

合同需要约定些什么呢

耶鲁公开课 - 金融市场课程节选

When you create a corporation, you write up a contract, which specifies the rules of the corporation; it's like a constitution for the corporation.

创建公司时,你会起草一份协议,其中规定了公司的条款,就像公司的宪法一样

耶鲁公开课 - 金融市场课程节选