Replacement cost refers to the amount of money it would cost to replace an asset at the current market price. This value considers the cost of purchasing a similar new asset and any associated costs like installation, transportation or setup charges. It is commonly used in insurance policies to determine the payout amount in case of damage or loss of the insured property.
Replaced
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past simple and past participle of replace
Replaced meaning & definition 1 of Replaced.
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to take the place of something, or to put something or someone in the place of something or someone else:
Replaced meaning & definition 2 of Replaced.
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