Insurance is the sharing of risks. Nearly everyone is 41 to risk of some sort. The house owner, for example, knows that his property can be 42 by fire; the ship owner knows that his vessel may be lost at sea; the breadwinner knows that he may die at an early age and 43 his family poorer. On the other hand, not every house is damaged by fire, nor every 44 lost at sea. If these persons each put a small sum into a pool, there will be 45 to meet the needs of the few who do suffer loss. 46 , the losses of the few are met from the contributions of the many. This is the basis of insurance. Those 47 pay the contribution are known as “insured” and those who administer the pool of contributions 48 “insurers”. Not all risks can be 49 by insurance. Broadly speaking, the ordinary risks of business and speculation cannot be covered. The risk that buyers will not buy goods 50 the prices offered is not of a kind that can be statistically 51 . The legal basis of all insurance is the “policy”. This is a printed 52 of contract on paper of the best 53 . It states that in return for the regular payment by 54 of a named sum of money, called the “premium” (保险费)，which is usually paid every year, the insurer will pay a sum of money or compensation for loss, 55 the risk or event insured against actually happens.