re·place·ment n
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; specif: a new fixed asset or portion of an asset that takes the place of one discarded (as because of deterioration)
Merriam-Webster’s Dictionary of Law. Merriam-Webster. 1996.