Time Value
The portion of the option premium that is attributable to the amount of time remaining until the expiration of the option contract.
Investopedia Commentary
Basically, time value is the value the option has in addition to its intrinsic value.
Related Links
The Importance of Time Value
See also: Call, Derivative, Expiration Date, Intrinsic Value, Leverage, Max Pain, Option, Put, Strike Price
time value