Nolo’s Plain-English Law Dictionary. Gerald N. Hill, Kathleen Thompson Hill. 2009.
Replacement Property — Any property that is received as a replacement for property that was lost as a result of an involuntary conversion, such as theft. Replacement property can be either personal or business property and can include real estate, machinery and… … Investment dictionary
replacement cost — n: the cost of replacing property with property of like kind and equal quality or effectiveness Merriam Webster’s Dictionary of Law. Merriam Webster. 1996 … Law dictionary
property damage — Injury to real or personal property through another s negligence, willful destruction, or by an act of nature. In lawsuits for damages caused by negligence or a willful act, property damage is distinguished from personal injury. Property damage… … Law dictionary
replacement — 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… … Law dictionary
Replacement value — The term replacement cost or replacement value refers to the amount that an entity would have to pay to replace an asset at the present time, according to its current worth. In the insurance industry, replacement cost or replacement cost value is … Wikipedia
Replacement Cost — The cost to replace the assets of a company or a property of the same or equal value. The replacement cost asset of a company could be a building, stocks, accounts receivable or liens. This cost can change depending on changes in market value.… … Investment dictionary
replacement insurance — Insurance coverage which provides that the loss will be measured by replacement of the property new. If the property is actually replaced, the measure is the difference between the depreciated value and the replacement cost … Black's law dictionary
Property Insurance — A policy that provides financial reimbursement to the owner or renter of a structure and its contents, in the event of damage or theft. Property insurance can include homeowners insurance, renters insurance, flood insurance and earthquake… … Investment dictionary
replacement cost — The present cost of replacing the improvement with one having the same utility. State Highway Commission v. Demarest, 263 Or. 590, 503 P.2d 682, 690. Cost of replacing lost, stolen or destroyed property to its former use and value An appraisal… … Black's law dictionary
replacement cost insurance — insurance that pays out the full amount required to replace damaged property with new property, without taking into account the depreciated value of the property. Bloomberg Financial Dictionary … Financial and business terms
