What does that mean exactly from rod mfg's?

If u break the tip off closing the car/truck door/hatch/bed and tell them that when you take it back to the place of purchase your limited lifetime warranty has expired. NO Replacement

If you break the tip off while fishing then your limited lifetime warranty is good.  Free replacement

Kinda how the salesperson at Cabelas explained it to me

It depends on the manufacturer You have to read the terms and conditions that come with the warranty. Some companies require you to send a check with the the rod. Some will have "no-fault" coverages whereas others will have warranties against "manufacturing defects". So a no-fault would cover door slams and stupidity. Defects will only cover things that go wrong with the rod with normal wear and tear, such as a guide falling out or something.

But remember all lifetime guarantees are only for the life of the manufacturer not the rod

If u break the tip off closing the car/truck door/hatch/bed and tell them that when you take it back to the place of purchase your limited lifetime warranty has expired. NO Replacement

If you break the tip off while fishing then your limited lifetime warranty is good. Free replacement

Kinda how the salesperson at Cabelas explained it to me

Depends on the warranty. Avids and TFO rods for example arent free replacements, you need to send in 25-50$. BPS, Cabelas or Gander Mountain brands usually are free. Also some only cover manufatueres defects and not "abuse". Gotta read the waranty.

Shimanos are no Q,s asked any Shimano dealer will do it or supposed to anyhow