The literature around portfolio insurance is quite prolific. From the CPPI to the TIPP, the TPPI and the Dynamic Core Satellite, research has been done in different directions, to solve the pitfalls of the initial CPPI.This paper brings together the different research fields in the domain and proposes a generalized form of portfolio insurance that we call DARM (Dynamic Asset and Risk Management). In this generalized form, we go from two to n asset classes by embedding several TPPI structures. This new form of portfolio insurance that accounts for diversification, allows for a severe decrease of the monetization probability, along with an improved expected return.After an initial application to the asset only world, we have extended the research to the presence of liabilities, in a Defined Contributions setting. In this generalized form of portfolio insurance that takes into account liabilities, that we call DALM (Dynamic Asset and Liability management), the risk measure takes into account the funding ratio and the risk free asset is a liability-hedging portfolio. The paper is organized as follows: in the first part, we review the advances made in portfolio insurance. The second part presents a generalized form of portfolio insurance, called DARM and its extension to the presence of liabilities. In the third part, we present a case study of DALM construction for a DC pension fund. The last part concludes.