What do the terms RCV and ACV mean on a claim?

They stand for Replacement Cost Value and Actual Cost Value. Replacement cost value means the true cost to replace the item in today's market, meaning if you have damage to a roof and need to replace it the payment will be based on current market pricing. In an Actual Cash Value or ACV settlement in the same situation they will depreciate the roof by determining it's life expectancy and only pay you the depreciated amount.

In some situations they will also depreciate a RCV settled claim but in that event you will typically have a specified amount of time to replace the item and have the depreciation reimbursed afterwards.