option to rebuild, repair, or replace

option to rebuild, repair, or replace
The option of an insurer of property, provided by the policy issued by it, to replace, repair, or rebuild the property in the event of its destruction in whole or in part, in lieu of the satisfaction of insured's claim by a payment in money. 29A Am J Rev ed Ins § 1699.

Ballentine's law dictionary. . 1998.

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