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The time value of an option is most accurately described as:

A equal to the entire premium for an out-of-the-money option.

The price (or premium) of an option is its intrinsic value plus its time value. An out-of-the-money option has an intrinsic value of zero, so its entire premium consists of time value. Time value is zero at an options expiration date. Time value is the amount by which an options premium exceeds its intrinsic value.