Имеется в виду буквальное значение слова. The word is meant in its literal sense.
Well, it is just the ethnic name,
Vaeringjar in Old Islandic or
væringi in Old Norse. It probably got into Slavic languages via Greek
The word itself is probably a compound of
vár "pledge" and
gengi "companion", i.e. "a sworn person" or "a foreigner who has taken service with a new lord by a treaty of fealty to him, or protégé".
Source: English and Russian Wikipedia.