What is the intuition behind: CPPI buys insurance, CM sells insurance?

CPPI CM Market moves up Buys Equity Sells Equity Market moves dwn Sells Equity Buys Equity CPPI is more momentum driven that CM. In CM you are just trying to maintain initial weight of equity and cash. Hope this helps.

How to link your explanation with “insurance” concept?

I am not sure, but I believe that has to do with slope of the line (plot market value on x axis versus asset value on y axis). THe slope of the line (m) is greater than 1 for CPPI and less than 1 for CM. The reference in this case is how the market is moving. So m greater than 1 is you want to buy/sell more than the rate at which the market is moving at. Since CPPI has m > 1 it could be saying it is buying insurance, and m < 1 for CM one can say that CM is saying insurance.

I quess floor value is the insured value right? but then, buy&hold should be seen as including insurance as well since the min. value is guauranteed.