Value Vs Profit/Loss of an Option

Hey guys,

In the Derivatives Section, when we are asked for the value of a derivative does this include the price of the option? I had thought that the value of an option was just the intrinsic value but when i did EOC questions 46 to 49 on page 457 in the derivatives book it included the price of the option. Any help would be appreciated. Thanks!

There are several components of an option’s value, with the intrinsic value being just one of them.