Consider a Portfolio Comprised of a Short Call and a Short

Multiple Choice

Consider a portfolio comprised of a short call and a short put, both options written on the same stock, same strike, and for the same maturity. Which of the following is valid?

A) The intrinsic value of the portfolio is zero.
B) The time value of the portfolio is zero.
C) The insurance value of the portfolio is negative.
D) All of the above.