The current procedures for reliability assessment based on limit states design method - load and resistance factor design (LRFD) - do not fully utilize the possibilities offered by advancing computer technology. A procedure is proposed based on the use of the Monte Carlo simulation, allowing to compute the frequency distributions for resulting reliability of structural components expressed, e.g. by In(R/Q), where R represents the resistance variables, and Q, the load-effects variables. The procedure introduced through selected examples may be considered as a tool for better understanding of interaction, effects, and relationships of individual variables involved in the reliability assessment process defined by specifications (e.g. LRFD and Eurocode). Computer program M-Star for IBM PCs allows very fast calculation of algebraic, logarithmic, exponential, and trigonometric functions (containing up to 26 variables expressed by histograms) representing the reliability. In the discussed examples, the reliability is expressed by probability of exceedance (of failure), while nonnegligible dependence of the index of reliability on the actual shape of frequency distributions of individual variables is demonstrated.