Final answer:
A holder of a put option contract with an asset price below the strike price has an option that is in the money, meaning it can be exercised profitably since the strike price is higher than the market value.
Step-by-step explanation:
If you are the holder of a put option contract and the asset price is below the strike price, your option is in the money (ITM). This means that the option has intrinsic value and you can exercise the option to sell the underlying asset at the strike price, which is higher than the current market price. This is advantageous for the option holder, as they can sell the asset for a price above its current market value.