Meaning :  

A warranty is a promise from the seller or manufacturer to repair or replace a  product if it stops working within a certain time.

Example :  

For instance, if you buy a refrigerator with a 1-year warranty, it means the  company will fix any problems for free during that year.

How to Understand :

A warranty is like a promise that the product will work properly, so you don’t have to pay  for repairs right after you buy it.

Importance :

It protects you from unexpected repair costs if something goes wrong.

A warranty ensures that the product is reliable and works as it should.

It gives you confidence when buying expensive items, knowing you have support if  needed.

You can compare different brands based on their warranty offers to see which is better.