Which of the following statement is correct?

1. The intrinsic value of a put option is Max[S E, 0].

2. All the answers are correct.

3. At expiration, an American call option is worth more than a European option with the same characteristics.

4. Strike price or exercise price refers to the fixed price in the option contract at which the holder can buy or sell the underlying asset.

5. Put option value = Intrinsic value - Time value.