X509_verify_cert()
substantially verifies the validity of the certificate. This includes verifying that the signatures that signed the certificate belonging to the CA are valid and on a date - it will process the whole chain like that.
However, it does not confirm that this RSA signature is valid - although it does verify RSA signatures as part of its work, this is not something you should use to do this.
This, in general, is like a function that works when you get a certificate error while browsing the SSL site.
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