PIN code required= PIN code turned off (PIN code is disabled).
PIN code required= PIN code turned on (PIN is required).
PIN code required= PIN code controlled by time model (PIN code will be required when the time model is active).
Access also by PIN code alone (Identification PIN code) can be used in conjunction with Verification PIN code.
This means user is going to have a virtual card (identification PIN code) + a verification PIN code. More details about virtual card check: Step by Step how to configure Access via PIN code alone AMS.