Final answer:
The mitral valve, also called the bicuspid valve, has two cusps. It is located between the left atrium and left ventricle. The tricuspid valve has three cusps.
Step-by-step explanation:
The heart valve with two cusps is the bicuspid valve or mitral valve. It is located at the opening between the left atrium and left ventricle. Structurally, it consists of two cusps, known as the anterior medial cusp and the posterior medial cusp. The tricuspid valve has three cusps, while the pulmonary and aortic valves are semilunar valves.