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n*T T-A@54=OO B0@8D=0O AB02:0 ?> AB@0E>2><C ?>@BD5;N. n- :>;8G5AB2> 4>3>2>@>2 ( 70AB@0E>20==KE >1J5:B>2 ). '5< <5=LH5 :>MDD8F85=B , B5< 1>;LH5 D8=0=A>20O CAB>9G82>ABL AB@0E>20=8O. ;O >F5=:8 D8=0=A>2>9 CAB>9G82>AB8, :0: >B=>H5=85 4>E>4>2 : @0AE>40<, <>6=> B0:65 8A?>;L7>20BL :>MDD8F85=B D8=0=A>2>9 CAB>9G82>AB8 AB@0E>2>3> D>=40. K= (D + ($ / (P D- AC<<0 4>E>4>2 70 B0@8D=K9 ?5@8>4  @C1. $- AC<<0 A@54AB2 70?0A=KE D>=4>2  @C1;59. P- AC<<0 @0AE>4>2 70 B0@8D=K9 ?5@8>4. $8=0=A>20O CAB>9G82>ABL 1C45B B5< 2KH5, G5< 2KH5 1C45B :>MDD8F85=B D8=0=A>2>9 CAB>9G82>AB8. "0:65 2 AB@0E>2KE :><?0=8OE >?@545;O5BAO @5=B015;L=>ABL. 5=B015;L=>ABL= 10;0=A>20O ?@81K;L / 4>E>4K * 100%. >E>4=>ABL = AC<<0 10;0=A>2>9 ?@81K;8 70 3>4 / A>2>:C?=0O AC<<0 AB@0E>2KE 27=>A>2 70 3>4 ( 2 @C1.). @8<5@: C AB@0E>2>9 :><?0=88  , AB@0E>2>9 ?>@BD5;L A>AB>8B 87 200 4>3>2>@>2. # AB@0E>2>9 :><?0=88   150 4>3>2>@>2. !@54=OO B0@8D=0O AB02:0 C :><?0=88   0,35 @C1. A> 100@C1. AB@0E>2>9 AC<<K.   0,4 @C1. A> 100 @C1. AB@0E>2>9 AC<<K.  5H5=85: K=(1-0,35 / 200*0,35 = 0,096 @C1. K= (1-0.4/150*0.4= 0,1 @C1. ,>;55 CAB>9G820. @8<5@: !B@0E>20O :><?0=8O  : 8<55B AB@0E>2KE ?;0B5659 ( 4>E>4>2 ) 100<.@. AC<<0 A@54AB2 70?0A=KE D>=4>2 =0 :>=5F B0@8D=>3> ?5@8>40 25 <.@.. !C<<0 AB@0E>2KE 2K?;0B 40 <.@. 8 @0AE>4>2 =0 2545=85 45;0  10 <.@. !B@0E>20O :><?0=8O : AC<<0 4>E>4>2 70 <.@., >AB0B>G=KE A@54AB2 2 70?0A=>< D>=4520 <.@., AB@0E>2K5 2K?;0BK  30 <.@. @0AE>4K =0 2545=85 AB@0E>2>3> 45;0  10 <.@. 5H5=85: KD.C = 100+ 25 / 40+10 = 125/50 = 2,5 KD.C.=70+20 / 30+10 = 90/40 = 2,25. @8<5@: F5=8BL @5=B015;L=>ABL AB@0E>2>9 :><?0=88 . 1I89 >1J5< AB@0E>2KE ?;0B5659 :><?0=88  A>AB028; 100 <.@. ?>30H5=85 >1O70B5;LAB2 ?5@54 AB@0E>20B5;O<8  30 <.@. 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«?>4?8AG8:8») >1KG=> 459AB2CNB 2 @0<:0E 4>;3>A@>G=>3> 4>3>2>@0 A >4=>9 D8@<>9-AB@0E>2I8:><, ?@>4020O ?>;8AK >B 55 8<5=8. 57028A8<K5 035=BK (1@>:5@K) ?>;CG0NB >B :;85=B0 ?>@CG5=85 70:;NG8BL 4>3>2>@ AB@0E>20=8O =0 >?@545;5==KE CA;>28OE, 0 70B5< ?>4KA:820NB ?>4E>4OICN D8@<C-AB@0E>2I8:0. @>:5@AB2>< 70=8<0NBAO :0: >B45;L=K5 ;8F0, B0: 8 :@C?=K5 A?5F80;878@>20==K5 D8@<K («0@H M=4 0:;5==A», «;5:A0=4@ M=4 ;5:A0=4@» 8 4@C385). 54CI85 :><?0=88 AB@0E>2>3> @K=:0 !(. «!B59B D0@< <LNGCM; >B><>18; 8=HC@M=A :><?0=8» (;C<8=3B>=, ;;8=>9A). («State Farm Mutual Automobile Insurance Company» (Bloomington, Illinois). @C?=59H0O B@0=A=0F8>=0;L=0O :><?0=8O ?> AB@0E>20=8N 8<CI5AB20. A=>20=0 2 1922 3., O2;O5BAO :><?0=859 ?> AB@0E>20=8N 8<CI5AB20 =0 2708<=KE =0G0;0E, B. 5. 8<55B ?052>9 :0?8B0; 2<5AB> 0:F8>=5@=>3>. 0:;NG05B @07;8G=K5 284K 4>3>2>@>2 AB@0E>20=8O: 8=48284C0;L=>5 8 3@C??>2>5, AB@0E>20=85 B@0=A?>@B=KE A@54AB2; AB@0E>20=85 =0 A;CG09 ?>2@5645=8O 8;8 3815;8 8<CI5AB20 2 @57C;LB0B5 020@88, ?>60@0, 27@K20, HB>@<0; AB@0E>20=85 >B =5AG0AB=KE A;CG052, 74>@>2LO, =0 A;CG09 @07;8G=KE >?0A=>AB59 8 @8A:>2, 0280F8>==>5 AB@0E>20=85, ?5@5AB@0E>20=85 8 B. 4. ACI5AB2;O5B 45OB5;L=>ABL =0 B5@@8B>@88 !( 8 0=04K. «!» - >4=0 87 254CI8E H8@>:> 4825@A8D8F8@>20==KE AB@0E>2KE :>@?>@0F89 !(, >A=>20=0 2 1982 3. 2 @57C;LB0B5 A;8O=8O «>==5:B8:CB 465=5@0; :>@?.» 8 « :>@?.». > 3;025 ! =0E>48BAO E>;48=3 A> HB01-:20@B8@>9 2 $8;045;LD88. ;02=K5 8=B5@5AK :>@?>@0F88 A2O70=K A> AB@0E>20=85< 8<CI5AB20 8 >B25BAB25==>AB8, @O4 4>G5@=8E D8@< 70=8<05BAO ?5=A8>==K< 8 ;8G=K< AB@0E>20=85<, 1@>:5@A:8<8 >?5@0F8O<8 8 4@. >G5@=85 D8@<K :><?0=88 459AB2CNB 2 160 AB@0=0E, 2 =8E 70=OB> 1>;55 48 BKA. G5;>25:. «<5@8:5= =B5@=MH=; 3@C??»,  («American International Group»). @C?=59H89 2 !( AB@0E>2I8: B>@3>2KE 8 ?@><KH;5==KE @8A:>2. 59AB2C5B A 1919 3., ?@54AB02;O5B A>1>9 E>;48=3>2CN :><?0=8N A> HB01-:20@B8@>9 2 LN->@:5, :>=B@>;8@CNICN 44 4>G5@=85 :><?0=89 2 AB@0=0E <8@0. A5 :><?0=88 3@C??K >1J548=5=K 2 H5ABL A?5F80;878@>20==KE >B45;5=89. !0<K< 7=0G8B5;L=K< ?> >1J5<C >?5@0F89 O2;O5BAO >B45;5=85, :C40 2E>4OB :><?0=88 AB@0E>20=8O 8<CI5AB20 8 >B25BAB25==>AB8, >:07K20NI85 CA;C38 :@C?=K< B>@3>2K< 8 ?@><KH;5==K< D8@<0< !(. «;AB59B 8=HC@5=A :><?0=8» («All-State Insurance Company»). 4=0 87 :@C?=59H8E B@0=A=0F8>=0;L=KE :>@?>@0F89 ?> AB@0E>20=8N 8<CI5AB20. A=>20=0 2 1931 3. 2 HB0B5 ;;8=>9A.  1972 3. >1@07>20;0 4>G5@=NN :><?0=8N «>@B1@C: :A5A M=4 !5@?;8A 8=HC@5=A :><?0=3»' 70=8<0NICNAO AB@0E>20=85< 2 !( 8 70 @C156><. ><?0=8O 70:;NG05B @07;8G=K5 284K 4>3>2>@>2 AB@0E>20=8O: >B ?>60@>2, =02>4=5=89, 75<;5B@OA5=89, 02B><>18;L=KE :0B0AB@>D, =5AG0AB=KE A;CG052, AB@0EC5B 0280?0AA068@>2 8 B. 4. ;0455B 15 4>G5@=8<8 :><?0=8O<8. «>=B8=5=B0; >@?>@M9H=» («Continental Corporation»). '5B25@B0O ?> 25;8G8=5 AB@0E>20O 3@C??0 !(, >A=>20==0O 2 1853 3. @54AB02;O5B A>1>9 4825@A8D8F8@>20==CN :>@?>@0F8N A> HB0B>< 2 16,5 BKA. G5;>25:. @54>AB02;O5B H8@>:89 A?5:B@ AB@0E>2KE CA;C3 ?>GB8 2 100 AB@0=0E <8@0. >;55 2/3 AB@0E>2KE ?@5<89 ?@8=>AOB >?5@0F88 A CG0AB85< ?@><KH;5==KE, B@0=A?>@B=KE 8 B>@3>2KE :><?0=89.  ?>A;54=85 3>4K «>=B8=5=B0;» ?>A;54>20B5;L=> ?@>2>48B ;8=8N =0 @0728B85 45;>2KE A2O759 A B@0=A=0F8>=0;L=K<8 :>@?>@0F8O<8. 0@C156=CN 45OB5;L=>ABL >ACI5AB2;O5B 2 0?04=>9 2@>?5 (?@5645 2A53> 2 $ ), 0=045, .3>->AB>G=>9 788. !?5F80;878@C5BAO =0 B@0=A?>@B=>< AB@0E>20=88 8 ?5@5AB@0E>20=88. «@C45=H; 8=HC@5=A :><?0=8 >D <5@8:0» («The Prudential Insurance Company of America») @C?=59H0O B@0=A=0F8>=0;L=0O :><?0=8O ?> AB@0E>20=8N 687=8. A=>20=0 2 1873 3., A 1943 3. 459AB2C5B :0: :><?0=8O AB@0E>20=8O 687=8 =0 2708<=KE =0G0;0E. 0 A2>N <=>3>;5B=NN 45OB5;L=>ABL >ACI5AB28;0 <=>65AB2> A;8O=89 8 ?>3;>I5=89.  1979 3. A>2<5AB=> A «!>=8» >1@07>20;0 2 /?>=88 :><?0=8N ?> AB@0E>20=8N 687=8, 2 :>B>@>9 59 ?@8=04;568B 50% :0?8B0;0. 07=>>1@07=K 284K 4>3>2>@>2 AB@0E>20=8O: 8=48284C0;L=>5 8 :>;;5:B82=>5 (3@C??>2>5) AB@0E>20=85, >1KG=>5 AB@0E>20=85 687=8, AB@0E>20=85 =0 A;CG09 A<5@B8 A ?>687=5==>9 C?;0B>9 27=>A>2, AB@0E>20=85 A CG0AB85< 2 ?@81K;OE :><?0=88, AB@0E>20=85 ?5=A89, <548F8=A:8E @0AE>4>2 8 4@. !B@0E>2>9 @K=>: 5;8:>1@8B0=88. !B@0E>2>9 187=5A 5;8:>1@8B0=88 =0 ?@>BO65=88 <=>38E ;5B :>=F5=B@8@C5BAO 2 >=4>=5 :0: <8@>2>< D8=0=A>2>< F5=B@5. @C?=59H89 >=4>=A:89 <564C=0@>4=K9 AB@0E>2>9 @K=>: >1A;C68205B D8=0=A>2K5 ?>B>:8 @O40 AB@0= 8 :><?0=89. 2B>@8B5B >=4>=A:>3> <564C=0@>4=>3> AB@0E>2>3> @K=:0 >?8@05BAO =0 7=0G8B5;L=K9 :04@>2K9 ?>B5=F80; A?5F80;8AB>2 AB@0E>2>3> 45;0, 2KA>:>@0728BCN 8=D@0AB@C:BC@C @K=:0, 0 B0:65 ?@8ACBAB285 745AL H8@>:> 8725AB=>9 70 ?@545;0<8 5;8:>1@8B0=88 AB@0E>2>9 :>@?>@0F88 ";>94".  >=4>=5 @0A?>;>65=K ?@54AB028B5;LAB20 8;8 4>G5@=85 AB@C:BC@K 2A5E :@C?=59H8E AB@0E>2KE :><?0=89 <8@0. 45AL A:>=F5=B@8@>20=K B0:65 F5=B@0;L=K5 >D8AK 2A5E :@C?=59H8E <564C=0@>4=KE AB@0E>2KE 8 ?5@5AB@0E>2>G=KE 1@>:5@>2. 8G=>5 AB@0E>20=85 2 5;8:>1@8B0=88 A:>=F5=B@8@>20=> 2 A?5F80;878@>20==KE AB@0E>2KE :><?0=8OE, ?5=A8>==KE D>=40E, 0 B0:65 8=25AB8F8>==KE :><?0=8OE (AB@>8B5;L=KE >1I5AB20E), >ACI5AB2;ONI8E ?@>406C =542868<>AB8 =0A5;5=8N. 0 ?>A;54=85 45AOBL ;5B >B<5G05BAO CAB>9G82K9 @>AB A1>@0 AB@0E>2KE ?;0B5659 =0G8B5;L=K9 ?@8@>AB AB@0E>2KE ?;0B5659 1K; >B<5G5= 2 ?>A;54=85 3>4K 2 A2O78 A 87<5=5=85< ?5=A8>==>3> 70:>=>40B5;LAB20 2 5;8:>1@8B0=88, :>B>@>5 A>740;> M:>=><8G5A:85 AB8<C;K : ?@8>1@5B5=8N B@C4>A?>A>1=K< =0A5;5=85< ?>;8A>2 (?;0=>2) G0AB=>3> ?5=A8>==>3> AB@0E>20=8O <CI5AB25==>5 AB@0E>20=85 A@548 =0A5;5=8O ?@54AB02;5=> @O4>< B@048F8>==KE 284>2. !@548 =8E AB@0E>20=85 ;53:>2KE 02B><>18;59 2 G0AB=>9 A>1AB25==>AB8, 4><0H=53> 8<CI5AB20, 3@0640=A:>9 >B25BAB25==>AB8 8 4@. <CI5AB25==>5 AB@0E>20=85 B0:65 E0@0:B5@87C5BAO CAB>9G82K<8 B5<?0<8 @0728B8O. =AB8BCF8>=0;L=0O AB@C:BC@0 AB@0E>2>3> @K=:0 5;8:>1@8B0=88 ?@54AB02;5=0 0:F8>=5@=K<8 >1I5AB20<8, :>B>@K5 ?@8=04;560B 8E A>1AB25==8:0<  0:F8>=5@0<, >1I5AB20<8 2708<=>3> AB@0E>20=8O, :>B>@K5 ?@8=04;560B 8E AB@0E>20B5;O<; 4@C65A:8<8 >1I5AB20<8; >B45;5=8O<8 8 ?@54AB028B5;LAB20<8 8=>AB@0==KE AB@0E>2KE :><?0=89. @C?=>5 A0<>AB>OB5;L=>5 725=> =0F8>=0;L=>3> AB@0E>2>3> @K=:0, 8<5NI55 <564C=0@>4=>5 7=0G5=85  AB@0E>20O :>@?>@0F8O ";>94".  1990 3. 2 5;8:>1@8B0=88 1K;> ?@54AB02;5=> 690 =0F8>=0;L=KE 8 143 8=>AB@0==KE AB@0E>2KE :><?0=89  A>>B25BAB288 A 48@5:B820<8 -! =0G8=0O A 1982 3 2 5;8:>1@8B0=88 =5 A>740NBAO =>2K5 C=825@A0;L=K5 (:><?>78B=K5) AB@0E>2K5 :><?0=88. >;8AK ;8G=>3> 8 8<CI5AB25==>3> AB@0E>20=8O <>3CB 1KBL 2K40=K 2 @0<:0E >4=>9 8 B>9 65 3@C??K AB@0E>2KE :><?0=89. !B@0E>2K5 :><?0=88 5;8:>1@8B0=88 =5 2?@025 70=8<0BLAO :0:8<-;81> 4@C38< 284>< 187=5A0 :@><5 AB@0E>20=8O. 07>20O AB@C:BC@0 >=4>=A:>3> <564C=0@>4=>3> AB@0E>2>3> @K=:0  :>@?>@0F8O ";>94" ?@54AB02;5=0 400 AB@0E>2K<8 A8=48:0B0<8, :>B>@K5 >1J548=ONB D878G5A:8E ;8F-0=45@@09B5@>2, =5?>A@54AB25==> >ACI5AB2;ONI8E AB@0E>2>9 187=5A :>@?>@0F88. =45@@09B5@K =5ACB =5>3@0=8G5==CN >B25BAB25==>ABL ?> >1O70B5;LAB20<, 2KB5:0NI8< 87 CA;>289 70:;NG5==KE 8<8 4>3>2>@>2 AB@0E>20=8O 2 @0<:0E A8=48:0B0. 8=0<8G=K5 8 ?>4286=K5 AB@C:BC@K A8=48:0B>2, 8<5NI8E 2K@065==CN A?5F80;870F8N ?> 2840< (:;0AA0<) AB@0E>20=8O, >1@07CNB M:>=><8G5A:CN A@54C <564C=0@>4=>3> AB@0E>2>3> @K=:0 2 A8AB5<5 :>@?>@0F88 ";>94". 064K9 A8=48:0B ?@54AB02;5= =0 MB>< @K=:5 G5@57 ;848@CNI53> 0=45@@09B5@0, :>B>@K9 =5?>A@54AB25==> ?@8=8<05B @8A:8 =0 AB@0E>20=85 2 A8=48:0B5 >B ?>A@54=8:0  1@>:5@0 ";>940". 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A;8 @0AA<0B@820BL B0@8D8:0F8>==CN A8AB5<C A :><<5@G5A:>9 B>G:8 7@5=8O, B> =5>1E>48<> ?@>0=0;878@>20BL ?>2545=85 AB@0E>20B5;O ?@8 2K1>@5 AB@0E>2>9 CA;C38, ?@54;0305<>9 >?@545;5==K< :>;8G5AB2>< :><?0=89. CABL MB8 :><?0=88 @07@01>B0;8 >48=0:>2K5 AB@0E>2K5 ?@>4C:BK. @8 MB>< ?5@20O ?>;>28=0 :><?0=89 8A?>;L7C5B B0@8DK @0AAG8B0==K5 =0 >A=>25 qi, 4@C30O  =0 >A=>25 qA@. !CI5AB2C5B N 3@C?? AB@0E>2KE A>1KB89, AB@0E>20=85 :064>3> 87 =8E ?>;L7C5BAO >?@545;5==K< A?@>A><, :>B>@K9 7028A8B >B F5= =0 40==K9 284 AB@0E>20=8O (>B =5BB>-?@5<88). '5< 1>;LH5 F5=0, B5< =865 A?@>A, 8 =0>1>@>B. A;8 =5BB>-?@5<8O ?5@2>9 3@C??K AB@0E>2I8:>2 1>;LH5 G5< C 2B>@>9 3@C??K ?> i-B><C 284C AB@0E>20=8O, B> 2 :>=:C@5=B=>9 1>@L15 2K83@K205B :><?0=8O, A> AB@0E>2K<8 B0@8D0<8 @0AAG8B0==K<8 =0 >A=>20=88 qA@, 8 =0>1>@>B. A5 @02=>, ;CGH5 8=48284C0;L=> @0AA<0B@820BL :064>5 AB@0E>2>5 A>1KB85 8 ?@8<5=OBL 25@>OB=>AB8 qi  >B45;L=K5 4;O :064>3> A>1KB8O. -B> E>BO 8 70B@C4=O5B @0AG5BK, >4=0:> ?>72>;O5B 1KBL C25@5==K< AB@0E>2I8:C 2 A2>59 ?;0B565A?>A>1=>AB8. $0:B>@K @8A:0  MB> @07;8G=K5 A>AB02;ONI85, 2;8ONI85 =0 =0ABC?;5=85 AB@0E>2>3> A>1KB8O. 0?@8<5@, 5A;8 AB@0E>2>9 A;CG09  020@8O, B> D0:B>@K @8A:0  2>48B5;LA:89 AB06, AB>8<>ABL 02B><>18;O, D878G5A:>5 A>AB>O=85 2>48B5;O, 2@5<O 3>40 8 B.4. "5>@5B8G5A:85 >A=>2K @0AG5B0 B0@8D=KE AB02>:. 0AG5B B0@8D=KE AB02>: =5>1E>48< 4;O @0AG5B0 AB@0E>2>3> D>=40, B0:>3>, GB>1K >B25B8BL ?> 2A5< 4>3>2>@0< AB@0E>20=8O, B> 5ABL 2K?;0B8BL 2A5 ?@8G8B0NI85AO AB@0E>2K5 AC<<K. 07<5@ AB@0E>2>3> D>=40 >?@545;O5BAO @07<5@>< AB@0E>2>3> B0@8D0, :>B>@K9 =C6=> >?@545;8BL. ;O =0E>645=8O =5BB>-?@5<88 =5>1E>48<> A=0G0;0 >?@545;8BL @07<5@ AB@0E>2>3> D>=40. A=>2=>5 8 >G5284=>5 CA;>285 ?;0B565A?>A>1=>AB8 AB@0E>2I8:0 - @07<5@ D>=40 4>;65= ?@52KH0BL @07<5@ AB@0E>2KE 2K?;0B. =0O MB>, AB@0E>20O :><?0=8O 70@0=55 70405B 4;O A51O 25@>OB=>ABL B>3>, GB> 25;8G8=0 AB@0E>2>3> D>=40 () ?@52KA8B @07<5@ AB@0E>2KE 2K?;0B(S), B> 5ABL: P(S<B)>=y. 45 y  7040==0O 30@0=B8O 157>?0A=>AB8. A;8 G8A;> 4>3>2>@>2 N, 0 Vi  2K?;0B0 ?> :064><C 4>3>2>@C AB@0E>20=8O, B>  EMBED Equation.3  - AC<<0 C1KB:>2 AB@0E>2I8:0. !B@0E>2>9 :><?0=88 70@0=55 =58725AB=> =0ABC?8B ;8 A>1KB85 Vi, B0: 65 5<C =5 8725AB5= @07<5@ =0ABC?82H53> CI5@10 Vi, :>B>@K9 <>65B :>;510BLAO 2 8=B5@20;5 >B Vmin 4> Vmax. BAN40 A;54C5B, GB> Vi  25;8G8=0 A;CG09=0O, >?@545;O5<0O 42C<O 25@>OB=>ABO<8. 0: 8725AB=> 87 B5>@88 25@>OB=>AB59, AC<<0 A;CG09=KE 25;8G8= 5ABL 25;8G8=0 A;CG09=0O. >MB><C S  A;CG09=0O 25;8G8=0, :>B>@0O <>65B 1KBL 7040=0 70:>=>< @0A?@545;5=8O A ?><>ILN DC=:F88 @0A?@545;5=8O F(x). A;8 x  459AB28B5;L=>5 G8A;>, %  A;CG09=0O 25;8G8=0, 0 F(x)  25@>OB=>ABL B>3>, GB> X<x, B>340 F(x)=P(X<x). CABL S=x, 0   AB@0E>2>9 D>=4 (AC<<0 =5BB> ?@5<89), B>340 F(B)=P(S<B)>=y, 8;8 F(B)>=y. "> 5ABL, DC=:F8O @0A?@545;5=8O A;CG09=>9 25;8G8=K 4>;6=0 ?@8=8<0BL 7=0G5=8O 1>;LH85 8;8 @02=K5 y.  A2>N >G5@54L ?;>B=>ABL @0A?@545;5=8O >?@545;O5BAO A;54CNI8< >1@07><: f(x)=F (x) => f(B)=F (B). ;O B>3>, GB>1K >?@545;8BL @07<5@ D>=40, :>B>@K9 1K A 25@>OB=>ABLN y >15A?5G820; D8=0=A>2CN CAB>9G82>ABL AB@0E>2I8:0, =5>1E>48<> =09B8 B0:CN 25;8G8=C , ?@8 :>B>@>9 DC=:F8O @0A?@545;5=8O F(B) A;CG09=>9 25;8G8=K S 1C45B 1>;LH5 8;8 @02=0 y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i) 1C4CB >48=0:>2K: 0B5<0B8G5A:>5 >6840=85 2K?;0B: mv = mv1=mv2=& =mvN. !@54=55 :204@0B8G5A:>5 >B:;>=5=85 2K?;0B:  EMBED Equation.3  !;CG09=0O 25;8G8=0 S ?@54AB02;O5B A>1>9 AC<<C >G5=L 1>;LH>3> G8A;0 4@C38E A;CG09=KE 25;8G8= (Vi), 2;8O=85 :064>9 87 :>B>@>9 =5 >:07K205B A8;L=>3> 2;8O=8O =0 S. ">340 A>3;0A=> F5=B@0;L=>9 ?@545;L=>9 B5>@5<5 (O?C=>20) 25;8G8=0 S @0A?@545;5=0 ?> =>@<0;L=><C 70:>=C: 0B5<0B8G5A:>5 >6840=85 A;CG09=>9 25;8G8=K S:  EMBED Equation.3  C@54=55 :204@0B8G5A:>5 >B:;>=5=85 A;CG09=>9 25;8G8=K S:  EMBED Equation.3  > >?@545;5=8N, =>@<0;L=>5 @0A?@545;5=85 >?8AK205BAO ?;>B=>ABLN:  EMBED Equation.3  "0: :0: 48DD5@5=F8@>20=85  459AB285 >1@0B=>5 8=B53@8@>20=8N, B> DC=:F8O @0A?@545;5=8O 70405BAO D>@<C;>9:  EMBED Equation.3  ;O B>3>, GB>1K <>6=> 1K;> @5H8BL ?@82545==>5 2KH5 =5@025=AB2>, =5>1E>48<> ?@825AB8 DC=:F8N @0A?@545;5=8O S : 4@C3><C 284C, GB> ?>72>;8B ?>;L7>20BLAO B01;8G=K<8 7=0G5=8O<8. ;O MB>3> 22545< =>2CN ?5@5<5==CN z.  EMBED Equation.3  ">340,  EMBED Equation.3  "01;8G=0O DC=:F8O 0?;0A0:  EMBED Equation.3   8B>35 ?>;CG8<:  EMBED Equation.3  >6=> ?@54?>;>68BL, GB>  EMBED Equation.3  > >?@545;5=8N DC=:F8O @0A?@545;5=8O O2;O5BAO =5C1K20NI59, ?>MB><C:  EMBED Equation.3 , 7=0G5=85 g >?@545;O5BAO 87 B01;8FK 7=0G5=89 $(g). 4=0:>, ?@5420@8B5;L=> =5>1E>48<> =09B8 $(-M/(), 7040BL y, 8 >?@545;8BL M b (. #1KB>: AB@0E>2I8:0 ?> i-B><C 4>3>2>@C ?@54AB02;O5B A>1>9 A;CG09=CN 25;8G8=C Vi, :>B>@0O @0A?@545;5=0 A;54CNI8< >1@07><: A;8 AB@0E>2>9 A;CG09 =5 =0ABC?8; (25@>OB=>ABL B0:>3> A>1KB8O @02=0 1-q), B>340 2K?;0B0 ?> 4>3>2>@C i @02=0 0. 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A@54=55 :204@0B8G5A:>5 >B:;>=5=85:  EMBED Equation.3  EMBED Equation.3  ;O >1I59 AC<<K CI5@10 <0B5<0B8G5A:85 E0@0:B5@8AB8:8 2KG8A;ONBAO ?> D>@<C;0<:  EMBED Equation.3   EMBED Equation.3 . 07<5@ AB@0E>2>3> D>=40 >?@545;O5BAO =5@025=AB2>< -  EMBED Equation.3 . >4AB028< AN40 8725AB=K5 7=0G5=8O:  EMBED Equation.3  =0O <8=8<0;L=K9 @07<5@ AB@0E>2>3> D>=40 <>6=> >?@545;8BL <8=8<0;L=CN =5BB>-?@5<8N 8;8 AB@0E>2>9 B0@8D. >38:0 40==>3> 70O2;5=8O A;54CNI0O; !B@0E>2>9 D>=4 A>AB>8B 87 AB@0E>2KE ?@5<89 ?> 2A5< N 4>3>2>@0< => EMBED Equation.3  !B@0E>20O ?@5<8O >?@545;O5BAO :0: ?@>872545=85 AB@0E>2>3> B0@8D0 =0 AB@0E>2CN AC<<C ?> 40==><C 4>3>2>@C: EMBED Equation.3  !B@0E>2>9 B0@8D >48=0:>2 ?> 2A5< 4>3>2>@0<, ?>MB><C:  EMBED Equation.3  <5AB> >B45;L=KE AB@0E>2KE AC<< ?> :064><C 4>3>2>@C C4>1=55 8A?>;L7>20BL A@54=55 55 7=0G5=85, GB> ?>72>;O5B >4=>@>4=>ABL @8A:>2KE A>1KB89, B>340:  EMBED Equation.3  B:C40:  EMBED Equation.3 , 345  EMBED Equation.3 , 0  EMBED Equation.3  #A;>2=> <>6=> ?@54?>;>68BL, GB> U1  >A=>2=0O G0ABL =5BB>-AB02:8, 0 U2  @8A:>20O =04102:0. @0:B8G5A:89 ?>4E>4 : @0AG5BC B0@8D=KE AB02>:. 0AG5B B0@8D=KE AB02>: ?@>872>48BAO ?> 3@C??0< AB@0EC5<KE >1J5:B>2 2 A>>B25BAB288 A @07@01>B0==>9 B0@8D=>9 A8AB5<>9.  @57C;LB0B5 40==>3> @0AG5B0 AB@0E>2I8: 4>;65= ?>;CG8BL 4;O :064>9 3@C??K 107>2CN B0@8D=CN AB02:C (1@CBB>). KH5 1K;0 2K2545=0 D>@<C;0 @0AG5B0 1@CBB>-AB02:8:  EMBED Equation.3 , 345 "  =5BB>-AB02:0, f  4>;O =03@C7:8 2 1@CBB> AB02:5. >;O =03@C7:8 ?@8=8<05BAO >48=0:>2>9 4;O 2A5E B0@8D8:0F8>==KE 3@C?? 2 @0<:0E >4=>3> AB@0E>2>3> ?@>4C:B0. ;O >?@545;5=8O =5BB>-AB02:8 AB@0E>2I8: 4>;65= >?@545;8BL 30@0=B8N 157>?0A=>AB8 (y), 25@>OB=>ABL =0ABC?;5=8O AB@0E>2>3> A;CG0O (q), <0B5<0B8G5A:>5 >6840=85 25;8G8=K AB@0E>2>9 AC<<K (), <0B5<0B8G5A:>5 >6840=85 25;8G8=K 2K?;0BK ?> >4=><C AB@0E>2><C A;CG0N hi. #:070==K5 25;8G8=K O2;ONBAO ?0@0<5B@0<8 B5>@5B8G5A:>3> @0A?@545;5=8O C1KB:>2. =8 >?@545;ONBAO 87 AB0B8AB8G5A:8E 40==KE. CABL =5>1E>48<> >?@545;8BL @07<5@ B0@8D=>9 AB02:8 ?> 40==K< AB@0E>2>9 :><?0=88, =0:>?;5==K< 70 3>4, ?> <0AA>2><C 284C AB@0E>20=8O. ;O MB>3> 2K18@05BAO =5:>B>@0O A>2>:C?=>ABL 4>3>2>@>2 AB@0E>20=8O. @8 MB>< 2A5 70AB@0E>20==K5 >1J5:BK 4>;6=K 1KBL >4=>@>4=K, G8A;> 4>3>2>@>2 :0: <>6=> 1>;LH5, 2A5 4>3>2>@K 70:;NG5=K =0 >48= 8 B>B 65 A@>: 8 : <><5=BC @0AG5B0 ?>;=>ABLN 8AB5: A@>: 8E 459AB28O. 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B0:8< >1AB>OB5;LAB20<, 2 G0AB=>AB8, >B=>AOBAO: 3815;L 70AB@0E>20==>3> 8<CI5AB20 ?> ?@8G8=0< 8=K<, G5< =0ABC?;5=85 AB@0E>2>3> A;CG0O; ?@5:@0I5=85 2 CAB0=>2;5==>< ?>@O4:5 ?@54?@8=8<0B5;LA:>9 45OB5;L=>AB8 ;8F><, 70AB@0E>202H8< ?@54?@8=8<0B5;LA:89 @8A: 8;8 @8A: 3@0640=A:>9 >B25BAB25==>AB8, A2O70==>9 A MB>9 45OB5;L=>ABLN. !B@0E>20B5;L (2K3>4>?@8>1@5B0B5;L) 2?@025 >B:070BLAO >B 4>3>2>@0 AB@0E>20=8O 2 ;N1>5 2@5<O, 5A;8 : <><5=BC >B:070 2>7<>6=>ABL =0ABC?;5=8O AB@0E>2>3> A;CG0O =5 >B?0;0 ?> >1AB>OB5;LAB20<, C:070==K< 2 ?C=:B5 1 =0AB>OI59 AB0BL8. @8 4>A@>G=>< ?@5:@0I5=88 4>3>2>@0 AB@0E>20=8O ?> >1AB>OB5;LAB20<, C:070==K< 2 ?C=:B5 1 =0AB>OI59 AB0BL8, AB@0E>2I8: 8<55B ?@02> =0 G0ABL AB@0E>2>9 ?@5<88 ?@>?>@F8>=0;L=> 2@5<5=8, 2 B5G5=85 :>B>@>3> 459AB2>20;> AB@0E>20=85. @8 4>A@>G=>< >B:075 AB@0E>20B5;O (2K3>4>?@8>1@5B0B5;O) >B 4>3>2>@0 AB@0E>20=8O C?;0G5==0O AB@0E>2I8:C AB@0E>20O ?@5<8O =5 ?>4;568B 2>72@0BC, 5A;8 4>3>2>@>< =5 ?@54CA<>B@5=> 8=>5. >A;54AB28O C25;8G5=8O AB@0E>2>3> @8A:0 2 ?5@8>4 459AB28O 4>3>2>@0 AB@0E>20=8O 1.  ?5@8>4 459AB28O 4>3>2>@0 8<CI5AB25==>3> AB@0E>20=8O AB@0E>20B5;L (2K3>4>?@8>1@5B0B5;L) >1O70= =570<54;8B5;L=> A>>1I0BL AB@0E>2I8:C > AB02H8E 5<C 8725AB=K<8 7=0G8B5;L=KE 87<5=5=8OE 2 >1AB>OB5;LAB20E, A>>1I5==KE AB@0E>2I8:C ?@8 70:;NG5=88 4>3>2>@0, 5A;8 MB8 87<5=5=8O <>3CB ACI5AB25==> ?>2;8OBL =0 C25;8G5=85 AB@0E>2>3> @8A:0. @8254C ?@8<5@ @0AG5B0 ?> >4=><C 87 @8A:>2KE 284>2 AB@0E>20=8O. A?>;L7CO 40==K5, ?@82545==K5 2 B01;8F5 5, @0AAG8B0BL @07<5@ B0@8D0 (1@CBB> AB02:C) ?> @8A:>2><C 284C AB@0E>20=8O. "01;8F0 5 N>;8G5AB2> 70:;NG5==KE 4>3>2>@>2 AB@0E>20=8O1250M>;8G5AB2> AB@0E>2KE A;CG052105£!B@0E>20O AC<<0 ?> >4=><C 4>3>2>@C AB@0E>20=8O (@C1.)80000S2!@54=55 AB@0E>2>5 2>7<5I5=85 (@C1.)45000n'8A;> ?@54?>;0305<KE 4>3>2>@>2 AB@0E>20=8O (n)1700(± (³))>MDD8F85=B 30@0=B89 157>?0A=>AB8 (± (³))1,64f0:A8<0;L=> 4>?CAB8<K9 @07<5@ =03@C7:8 (%)15 0AAG8B05< 25@>OB=>ABL =0ABC?;5=8O AB@0E>2>3> A;CG0O (q): q = M/N = 105 / 1250 = 0,084 1@CBB> AB02:0 (".) A>AB>8B 87: "" AB02:8 ("=.) 2 :>B>@CN 2E>4OB >A=>2=0O G0ABL("=.>.) + @8A:>20O =04102:0 ("@.=.) 8  # (f). "=.>. = S2 / £ * q * 100 = 45000 / 80000 * 0,084 * 100 = 4,725% "@.=. @0AAG8BK205BAO A 8A?>;L7>20=85 A@54=5:204@0B8G=>3> >B:;>=5=8O "@.=. = 1,2 * "=.>. * (± (³)) * "(1  q) / q * n' = 1,2 * 4,725 * 1,64 * "(1  0,084) / 0,084 * 1700' = 9,2988 * 0,08 = 0,7439 % "=. = "=.>. + "@.= = 4,725 + 0,7439 = 5,4689 % ". = "=. / (100  f) * 100 = 5,4689 / (100  15) * 100 = 6,434% ;020 3. 5@A?5:B82K 8 ?@>1;5<K @0728B8O AB@0E>2>3> @K=:0 8 2;8O=85 8E =0 2=5H=5M:>=><8G5A:CN 45OB5;L=>ABL >AA88 3.1. 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RiskMetrics  Technical Document,  HYPERLINK "http://www.aup.ru/articles/finance/%20http:/www.jpmorgan.com/RiskManagement/RiskMetrics/RiskMetrics.html."  http://www.jpmorgan.com/RiskManagement/ RiskMetrics/RiskMetrics.html.  HYPERLINK "http://www.ins-union.ru/" \t "www.ins-union.ru" www.ins-union.ru  HYPERLINK "http://www.ins-union.ru/" \t "www.ins-union.ru" A5@>AA89A:89 !>N7 !B@0E>2I8:>2  HYPERLINK "http://www.insur.ru/" \t "www.insur.ru" 1I5AB2> AB@0E>20B5;59  HYPERLINK "http://www.insur.ru/" \t "www.insur.ru" www.insur.ru  HYPERLINK "http://www.rasovt.ru" \t "www.rasovt.ru"  !"  HYPERLINK "http://www.rasovt.ru" \t "www.rasovt.ru" www.rasovt.ru  0:>= $ "1 >@30=870F88 AB@0E>2>3> 45;0 2 >AA89A:>9 $545@0F88" >B 27.11.92 3. ! 4015  1 ( @54. $ >B 31.12.97 3. ! 157 - $)  C@=0; «5=L38»!6,20023. C1@8:0» !B@0E>20=85». !B0BLO» "@8 :8B0 AB@0E>2I8:>2». 2B>@ ". @8H8=0, AB@. 58  !?;5BCE>2 .... 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