In event the board of police retirement fund commissioners shall determine that there are risks arising under the terms of sections 50-1501 through 50-1524 which may be made the subject of insurance against loss to the fund created herein, said commission is hereby authorized at its discretion, to insure such risks. In event of such insurance, the premiums therefor shall be paid from the fund created hereby as other claims are paid; provided, that such insurance shall not in any event be insurance of any individual but exclusively insurance of the fund itself against loss.