Chapter 03 · Section 3.1
Option maturity
At maturity, the price of an option (call or put) is:
a) the intrinsic value.
b) the time value.
c) the price of the underlying asset.
The premium is composed of the intrinsic value and the time value. The components of the time value are the time to expiration, the interest rate and the volatility of the underlying asset.
At maturity there is no more time value since none of its components have an influence on the premium.