Q. Is there any inherent relationship between the event severity levels?
A. Yes. Up, Down, and Unknown work together. A device will always have one of these three status values.
Within the Up status, there are four severity levels: Critical, Alarm, Warning, and Okay. These work the way you expect. Alarm clears critical, warning clears alarm, and okay clears everything.
As currently implemented, Down/Unknown will explicitly clear warning. If a device is in warning and then goes down (or unknown), the warning is cleared. When the device comes back up, it will re-enter warning again if that condition still exists.