What is an accurate use of the term "new world"

This term was used by Spain and Portugal to describe the territories discovered in the 15th and 16th centuries. Also known as the Americas.

Explanation:

In the Middle Ages, the known world was small. In the 14th century, small parts of Africa and Asia were known by the Europeans. So, when the Iberian countries began their maritime expansion in the 15th century, the new territories discovered beyond the Atlantic Ocean were named as the New World.

The New World is a name used for the Western Hemisphere. It specifically refers to the Americas.