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The text explains that most products come with a one-year manufacturer warranty, meaning the user is entitled to a free repair, replacement, or refund if the product breaks within that time. Some manufacturers offer extended warranties for additional costs, like Apple with AppleCare. The video suggests that there are three words you can say to get a free repair, replacement, or refund even after the warranty or AppleCare has expired, but Apple doesn't want you to know about it. This information could be very useful and valuable.