Personal Service Contracts Are Automatically Assigned at the Time of Death

question 13

True/False

Personal service contracts are automatically assigned at the time of death.

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Definitions:

Debt Trading Security

A financial instrument representing a debt that can be bought or sold in the securities market.

Available-for-sale

A classification of securities that are not actively managed for trading or held to maturity but can be sold for cash needs or other purposes.

Unrealized Holding Gain

Refers to an increase in the value of an investment that has not been sold yet, thus the gain is not "realized."

Passive Debt Investments

Investments in debt instruments, such as bonds, where the investor does not exert influence over the issuer.