Associative option in Create Saved View

Trying to CLEARLY understand the Associative checkbox option in the Create Saved View dialog (MicroStation CE Update 10).

When my Saved View uses the existing clip volume, it doesn't seem to matter whether the box is checked or unchecked.  I can't find any differences in properties or function other than a checkmark in the IS ASSOCIATIVE column of the Saved Views dialog.

In some other reading, I get the impression that this checkbox only pertains to a Named Fence.  Not clear if the Clip Volume had to be created with a Named Fence.

Any complete explanation, or direction to one, would be greatly appreciated.