Time value

The part of an option premium that is not intrinsic value. It decays to zero at expiry, with certainty.

Where this comes up

Lessons that use the term in context, which is usually more useful than the definition on its own.

What you are paying for — Intrinsic and time value, separated properly.
Theta and the shape of decay — Why the last week behaves nothing like the first.
Expiry day mechanics — Settlement, exercise and what actually happens at the close.