  We consider the problem of finding the transition rates of a continuous-time
homogeneous Markov chain under the empirical condition that the state changes
at most once during a time interval of unit length. It is proven that this
conditional embedding approach results in a unique intensity matrix for a
transition matrix with non-zero diagonal entries. Hence, the presented
conditional embedding approach has the merit to avoid the identification phase
as well as regularization for the embedding problem. The resulting intensity
matrix is compared to the approximation for the Markov generator found by
Jarrow.
