A type of barrier options (a floored put) which is associated with a strike price and a floor barrier below the strike price. The payoff of this put is similar to that of a vanilla put with the same features, except that in a floored put the buyer will receive, at maturity, a cash amount equal to the difference between the strike price and barrier level if the underlying reaches or penetrates the barrier from above. This put is deferred, i.e., the holder doesn’t receive cash straight away, but rather at maturity.
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