It is part of Dynamic Host Configuration Protocol or DHCP. DHCP is the protocol that automatically configures newly attached network devices with an IP address, default gateway, name servers, and possibly time servers. Most WiFi networks use DHCP so all of these settings will not need to be manually set for each device that connects to the network.
In DHCP a lease is the length of time the information provided to attached devices is valid. In general devices don't wait until the lease is up but renew it well ahead of time. When a lease is renewed the device asks if it should continue to use the network information it already has or if not what information it should use. Sometimes you have to manually renew a lease when a device somehow gets incorrect information or because for some reason it needs to be changed before the lease would be up.
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Kind Of Like Renew Your Monthly Contract A Lease Is When You Pay For Something For A While But Not The Same As You Bought It. Like Rent Not Buy .I Think
I would imagine the iPhone would then try to auto-reconnect to that WiFi network whenever it was in range. Just a guess tho, I don't have a iPhone.
How does that answer the question about WiFi settings O.o.
Yes that was it. Thanks!