Time value
From ACT Wiki
1.
The component of an option’s total value which is related to the length of the unexpired maturity of the option, and which is additional to the Intrinsic value, if any.
2.
Time value of money.
1.
The component of an option’s total value which is related to the length of the unexpired maturity of the option, and which is additional to the Intrinsic value, if any.
2.
Time value of money.