What is ServicePointManager.ServerCertificateValidationCallback

I am using a web service on my website. the provider will give me a sample code, there is a line in the code like this:

// For Ignore SSL Error
ServicePointManager.ServerCertificateValidationCallback = delegate(object s, X509Certificate certificate, X509Chain chain, SslPolicyErrors sslPolicyErrors) { return true; };

Web service users will contact their page and then return to my site. he uses https .

What kind of app is this? Is it to ignore certification errors in user web explorer?

I think that the certification on the web server may be invalid, or it is only a local certificate. I'm right?

Thank.

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