Meaning :  

A warranty is defined as a guarantee from the seller or manufacturer to repair  or replace a product if it malfunctions within a specified period.

Example :  

For example, purchasing a refrigerator with a 1-year warranty means the  company will repair any issues that arise free of charge during that year.

How to Understand :

Think of a warranty as a promise about the quality of the product, ensuring that you  won’t have to pay for repairs right after your purchase.

Importance :

It protects you from unexpected repair expenses if the product breaks down.

A warranty ensures that the product is reliable and meets quality standards.

It provides confidence when purchasing expensive items, knowing that you have  coverage if something goes wrong.

Warranties help you compare different brands based on the benefits they offer.