This policy setting allows you to configure the code word that the user must enter after a number of incorrect device lock ...

This policy setting allows you to configure the code word that the user must enter after a number of incorrect device lock passwords have been attempted. The threshold number of password attempts that triggers the code word is specified in the policy, "Code word frequency". This policy can prevent a local device wipe caused by an accidental password entry.  If you enable this policy, then you can specify the code word that the user is asked to enter.  If you disable this policy, then the default codeword is "a1b2c3".  If you do not configure this policy, then existing device-specific settings that control the code word text on the device are applied.