Windjammer

"Contingent immunization - you want to immunize a liability, while retaining the benefits of active management. You can remain immunized until your portfolio value falls below your floor value. The floor value is the value of the liability, discounted at the available immunisation rate."

I think the wording is off here.

You can remain ACTIVE until your portfolio falls to the floor (aka - you eat away at all the cushion) at which point you would have to move from contingent to full imunization. Have the be careful that a huge i rate shock doesn't push the portfolio below the floor rapidly - otherwise you can't employ full imunization to meet liability needs.