Can you define “replacement cost” and “actual cash value”?

Replacement cost is the amount of money you would have to spend to replace your home with another of like kind and quality on the same site where your home was destroyed. Actual cash value (ACV) is the replacement cost less depreciation. To determine the actual cash value, the general condition, repair, and character of your home are taken into consideration. Replacement cost and actual cash value are generally used in reference to the home and personal property.