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Consider a financial market consisting of two assets with discounted price processes \\(X=(X_t)_{0\\leq t\\leq T}\\) and \\(Y=(Y_t)_{0\\leq t\\leq T}\\), respectively, where \\(X\\) is the discounted price process associated with some risky asset (a stock), and the discounted price process \\(Y\\) associated with the locally risk-free asset (saving account) which is assumed to be constant. A trading strategy is a process \\(\\varphi=(\\xi,\\eta)\\), where \\(\\xi_t\\) is interpreted as the amount of stocks at time \\(t\\), and \\(\\eta_t\\) is the discounted deposit on the saving account at time \\(t\\). The pair \\(\\varphi_t=(\\xi_t,\\eta_t)\\) is called the portfolio held at time \\(t\\). The value process associated with the strategy \\(\\varphi=(\\xi,\\eta)\\) is defined by  \\[ V_t(\\varphi)=\\xi_tX_t+\\eta_t,\\quad 0\\leq t\\leq T. \\]  Consider an agreement between two partners, a seller (hedger) and a buyer specifying certain payments given by an \\({\\mathbf F}\\)-adapted process \\(A=(A_t)_{0\\leq t\\leq T}\\). The simplest considered situation is where \\(A\\) is of the form \\(A_t=-\\kappa+\\mathbf{1}_{\\{t\\geq T\\}}H,\\;0\\leq t\\leq T,\\) for some constant \\(\\kappa\\) and \\(H\\in L_2({\\mathcal F}_T,P)\\) (payments take place at time 0 and time \\(T\\) only). Let \\(C(\\varphi)=(C_t(\\varphi))_{0\\leq t\\leq T}\\) be a cost process defined by the equation  \\[ C_t(\\varphi)=V_t(\\varphi)-\\int_0^t\\xi_udX_u+A_t,\\quad 0\\leq t\\leq T, \\]  with the initial condition \\(C_0(\\varphi)=V_0(\\varphi)+A_0\\). \\(C_t(\\varphi)\\) comprises the hedger accumulated costs during \\([0,t]\\) and \\(V_t(\\varphi)\\) may be interpreted as the value of the portfolio \\(\\varphi_t=(\\xi_t,\\eta_t)\\) held at time \\(t\\) after the payment \\(A_t\\). The risk process of the strategy \\(\\varphi=(\\xi,\\eta)\\) is defined by \\(R_t(\\varphi)= {\\mathbf E}\\left[(C_T(\\varphi)-C_t(\\varphi))^2 |{\\mathcal F}_t\\right]\\). A strategy is said to be risk-minimizing if it minimizes \\(R_t(\\varphi)\\) for all \\(t\\). Define a martingale \\(V_t^{\\ast}={\\mathbf E}\\left[A_T |{\\mathcal F}_t\\right],\\;0\\leq t\\leq T\\). This martingale can be uniquely decomposed by use of the Galtchouk-Kunita-Watanabe decomposition [see \\textit{H. F\u00f6llmer} and \\textit{D. Sondermann}, Contributions to Mathematical Economics, Hon. G. Debreu, 206-223 (1986; Zbl 0663.90006)] as  \\[ V_t^{\\ast}=V_0^{\\ast}+\\int_0^t\\xi_u^AdX_u+L_t^A, \\]  where \\(L^A\\) ia a zero-mean martingale orthogonal to \\(X\\) and \\(\\xi^A\\) is a predictable process.   The author proves that there exists a unique \\(0\\)-admissible (\\(V_T(\\varphi)=0\\)) risk-minimizing strategy \\(\\varphi=(\\xi,\\eta)\\) for \\(A\\) given by  \\[ (\\xi_t,\\eta_t)=(\\xi^A_t,V_t^{\\ast}-A_t-\\xi^A_tX_t),\\quad 0\\leq t\\leq T. \\]  The presented result extends the corresponding result of F\u00f6llmer and Sondermann. The author presents some examples related to insurance. These include a general unit-linked life insurance contract driven by a Markov jump process and a claim process from non-life insurance, where the claim size distribution is affected by a traded price 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