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In cases of a partial loss where the limit of insurance less than 80% of the replacement cost, the policy states that it pays the greater of the ACV of the property or a portion of the replacement cost equal to the ratio of the limit of insurance to the required limit.

So the numerator in this ratio is the limit of the insurance. Is the denominator 80% of the replacement cost or is it the full replacement cost?

Without pulling out a policy I would have to think the denominator would be 80%of the replacement cost. I would need to confirm the definition of "required limit", but it sounds like 80% of RC is it.