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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)
Source: Merriam-Webster's Dictionary of Law ©1996. Merriam-Webster, Incorporated. Published under license with Merriam-Webster, Incorporated.