No no Options you have a choice. You have a choice to either exe the option or let is expire.
its Futures and Fwd when you lock in you don't have a choice.
Definition of ‘Time Value'
The portion of an option's premium that is attributable to the amount of time remaining until the expiration of the option contract. An option's premium is comprised of two components: its intrinsic value and its time value. The intrinsic value is the difference between the price of the underlying (for example, the underlying stock or commodity) and the strike price of the option. Any premium that is in excess of the option's intrinsic value is referred to as its time value.
An option's time value is equal to its premium (the cost of the option) minus its intrinsic value (the difference between the strike price and the price of the underlying). As a general rule, the more time that remains until expiration, the greater the time value of the option. This is because investors are willing to pay a higher premium for more time since the contract will have longer to become profitable due to a favorable move in the underlying.
In general, an option loses one-third of its time value during the first half of its life, and the remaining two-thirds of its time value during the second half. Time value decreases over time, eventually decaying to zero at expiration, a phenomenon known as time decay
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