Meaning :  

A warranty is a formal guarantee provided by the seller or manufacturer that  promises to repair or replace a product if it ceases to function properly within a defined  period.

Example :  

For instance, if you buy a refrigerator with a 1-year warranty, it indicates that  the manufacturer will address any issues at no cost during that time frame.

How to Understand :

A warranty acts as an assurance of product quality, ensuring that you are not responsible  for repair costs immediately after your purchase.

Importance :

It serves as protection against unforeseen repair expenses, providing financial security.

A warranty enhances product reliability, assuring consumers of the item’s quality.

It instills confidence when purchasing higher-priced items, knowing there is support  available if issues arise.

Warranties enable consumers to compare brands effectively based on the advantages  provided.