I've heard this word my whole life. However, understanding it can be hard because it isn't a concept known in our culture. Yesterday I was reading in Isaiah 43, Amplified version, and I found the perfect explanation:
Fear not, for I have redeemed you
[ransomed you by paying a price instead of leaing you captive];
I have called you by your name;
you are Mine.
(Isaiah 43:1)
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