This is the 558th most frequent Spanish word.
significa
"Significa" means "means" or "signifies" in English.
Here, 'significa' is used as a verb to ask for the definition or meaning of a word.
¿Qué significa esa palabra?
What does that word mean?
In this case, 'significa' is utilized to convey what the symbol stands for or denotes.
El símbolo significa paz.
The symbol represents peace.
In this context, 'significa' expresses an emotional or personal importance.