Definitions for "time value"
The amount by which an options premium exceeds its intrinsic value. also called time premium.
Difference between the intrinsic value and the value of an option before it expires.
That part of an option's premium that reflects the length of time remaining in the option prior to expiration. The longer the time remaining until expiration, the higher the time value.
a clock time in Universal Coordinated Time (UCT), where the clock time gives hour within day, minutes within hour, and seconds within minute
Keywords:  duration, musical, relative, note
(music) the relative duration of a musical note