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Notes
to Statutory Financial Statements
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3.
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INVESTMENTS
The carrying
value and NAIC value of investments in debt securities are as
follows:
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At December
31, 2001 and 2000, bonds with amortized cost of $5,673,000 and
$5,485,000, respectively, were on deposit with state regulatory
authorities in compliance with regulatory requirements.
At December
31, 2001, the fair value of securities on loan was $3,228,000.
At December 31, 2000, the fair value of securities on loan was
$122,748,000.
The carrying
value and NAIC value of debt securities at December 31, 2001,
by contractual maturity, are shown below. Expected maturities
may differ from contractual maturities because borrowers may have
the right to call or prepay obligations with or without call or
prepayment penalties.
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The
cost and NAIC value of preferred stocks are as follows:
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The fair
value of bonds and preferred stocks as estimated by independent
sources approximated $810,197,000 and $647,994,000 as of December
31, 2001 and 2000, respectively.
The cost and
NAIC value of common stocks are as follows:
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The fair
value of common stocks as estimated by independent sources was
$31,011 and $20,527 for 2001 and 2000, respectively.
The major components
of net investment income are as follows:
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Net
realized capital gains (losses) and the change in unrealized
gains or losses (bond amortization and unrealized appreciation
on common stocks) on investments for the years ended December
31, 2001 and 2000 are summarized below (in thousands):
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TABLE
OF CONTENTS
Cover Page
Letter to Policyholders
A Year of Market Turmoil
Princeton's Legacy Continues
2001 Financial Statements
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