... estimate of the yield of the underlying instruments atexpiration of the options; or, in other words, the market s best estimate of the exercise-settlement value at expiration, that is, off the forward ... can occur. The time value of an option is that part of the premium that reflects the remaining life of the option. The more time that remains before the expiration date, the higher the premium,because ... declines, the value of the put optionsshould increase. An investor might be able to sell the put options at a profit, thereby closing out the position. Or, he can hold the put options for the profit...