Policy design is often discussed as a response to demand. Coverage exists because it is needed; limits exist because they are appropriate; exclusions exist because risk must be managed. This narrative places the consumer at the center and treats the policy as a tailored answer. In practice, design follows a different gravity. It aligns first …

Risk is often presented as a quantity that exists before institutions encounter it. Something measurable, external, waiting to be priced, pooled, or transferred. In practice, risk does not arrive fully formed. It is shaped long before it appears in actuarial tables or policy language, shaped by decisions that are institutional rather than technical. The moment …