Yes, that's right
Yes, that's also correct.
The approach in Section 2.3 is actually the same as that in Section 2.6 if the replicating portfolio chosen comprises a series of risk-free zero-coupon bonds with redemption amounts equal to the expected liability cashflows. So it is a market-consistent approach.
However, the approach in Section 2.4 allows credit to be taken in the discount rate for the equity (or whatever) risk premium. Liabilities are discounted at a higher rate, reflecting the higher expected return from risky assets, without allowance being made for the higher risks from investing in such assets. Hence the paragraph 'There is a school of ...'.
The approach in Section 2.5 would also allow a higher discount rate to be used for equities, say, as the return implied by the current market price and expected income / sales proceeds will be higher to reflect the higher risk. [This ties up with the ideas in Chapter 13 about required returns and risk premia.] So, again, liabilities backed by equities would be discounted at a higher rate (and so given a lower value) without any allowance being made for the higher risks involved in investing in such assets.
Hope that helps a bit more. Good challenges!
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