replacement

noun | re·place·ment

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; specifically : a new fixed asset or portion of an asset that takes the place of one discarded (as because of deterioration) : a new fixed asset or portion of an asset that takes the place of one discarded (as because of deterioration)