... into smaller parts it may be possible to arriveat a valuable upper-bound for the price of the insurance claim, leading to a conservative (and therefore acceptable) estimate of the value of the ... hT.Toaninvestor starting with initial wealth π0and engaging into a strategy θ relative to some tradable assets25, (having singled out one of them as numeraire), we canassociate a wealth ... investor, following a strategy θ in a futures-tradable process X, havingchosen a cash-tradable process B as numeraire. The fact that the tradableprocess X is futures-tradable and not cash-tradable,...