re·place·ment n1 a: the act of replacing: the state of being replacedb: an insurer's option under a policy to replace or repair damaged property rather than pay the insured for the loss2: 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.
alternate, alternative, change, commutation, compensation, counterfeit, delegate, deputy, dislocation, displacement, envoy, equivalent, exchange, fill in, interchange, makeshift, proxy, reclamation, reconstitution, reconstruction, recovery, refund, reinstatement, relief, removal, renewal, renovation, reorganization, reparation, representative, reproduction, restitution, restoration, second, secondary, shift, stand in, subrogation, substitute, substitution, successor, supersedure, supersession, supplantation, supplanter, surrogate, surrogation, swap, switch, temporary expedient, transfer, transposition, understudy
associated concepts: replacement cost
alternative (substitute), correction (change), cover (substitute), defeasance, discharge (dismissal), exchange, novation, preemption, refund, reimbursement, reparation (keeping in repair), restitution, stopgap, subrogation, substitute, succedaneum, successor
Burton's Legal Thesaurus. William C. Burton. 2006