Definition - Noun
1 a  : the act of replacing
: the state of being replaced
b  : an insurer's option under a policy to replace or repair damaged property rather than pay the insured for the loss
2  : something that replaces
: a new fixed asset or portion of an asset that takes the place of one discarded (as because of deterioration)

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Based on Merriam-Webster's Dictionary of Law ©2001.
Merriam-Webster, Incorporated
Published under license with Merriam-Webster, Incorporated.