I found this article online: http://whitelung.org/pubs/aith/4.html
Halfway down it reads:
Asbestos Management Program
Removal of asbestos-containing materials is the only permanent solution to an asbestos problem. However, if the asbestos is in good condition and not likely to be disturbed, there are several methods of managing it in place:
Encapsulation: spraying the asbestos with a sealant (like paint) can temporarily keep the asbestos fibers in their original material. As long as the original bond remains in the material, encapsulation may be used.
If the material is crumbling and deteriorating, encapsulation can do more harm than good. This is because the sealant pulls down the loosened asbestos material and can allow additional fibers to be released into the air. Encapsulating with a penetrating sealant can also make future removal of the asbestos-containing material more difficult. Since the encapsulant may begin to deteriorate, it must be regularly inspected.
Enclosure: isolating asbestos material from potential damage by using a sturdy, airtight barrier--a suitable, but temporary remedy for some asbestos problems.
Repair: for minor damaged areas--small holes or tears in pipe insulation.
Maintenance: if asbestos materials are left in place, they should be labeled and monitored with the ultimate goal of preventing fibers from entering the air. You must take precautions around the house to avoid exposure to asbestos and inspect the material regularly to see if conditions change (either the use of the area or the condition of the material due to air movement, vibration, punctures, water damage, etc.) which warrant further action.