Insurance looks like a bet, and the comparison is what makes it hard to understand. Wh cannot b known o one ho is alm exact acr ten thou, and th gap pa for every. This is why a small insurer is in danger and a large one is not, and why a company will refuse a risk it cannot spread: a single flood that reaches every policy at once destroys the arithmetic the business rests on.

Type only the missing letters. Each box is one letter, and the number of boxes matches the letters that are missing.