What is "Flash Point" and why and when is it important?

 
A: Flash point is defined as the temperature at which the vapours of a substance ignite, when exposed to an ignition source and therefore serves as a valuable tool in determining product safety, the higher the flash point of an oil the safer the product is from a fire safety perspective. The Flash Point however can also give you clues as to the composition and possible life expectancy of a lubricating oil.