It has to have a contract design; that would be a document, which is a contract between the insured and the insurance company.

它必须有合同设计,那是一个文件,也就是被保险人和保险公司签订的合同

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Insurance pools risks like life risks or fire risks by writing policies to individual policyholders.

保险业分散风险是通过,与个人签订保险合同,比如寿险合同,或者火险合同

耶鲁公开课 - 金融市场课程节选