It is just a sensor. My car, however is not a 1992 Diamante, but I own a 1998 Camaro and it is nothing but a sensor. It is nothing to worry about.
Problem with the ABS, take it to a pro.
abs light is anti lock braking system. if this light stays on it can result in an mot failure.
You need to inspect the ABS units
ABS means Anti-lock Braking System. If the light is on and stays on, your ABS system has malfunctioned somehow and is not operating.
The SRS light in my 1999 Diamante came on because my right rear Brake ABS unit needed to be replaced. It is most likely something to do with the ABS braking system but it should be coded out to be sure.
If your ABS light stays on you have a problem with the ABS and it is not functioning. Until the problem is fixed the light will remain on.
It means you have an issue/fault with your ABS
If the ABS light stays on, something in the ABS system isn't working properly, most likely the sensor. If it's rear-wheel only ABS, then the sensor is located on top of the rear differential. As long as the ABS light is on your ABS won't work but regular braking is unaffected.
A 1991 E 150 abs light will stay on when there is a problem with the abs system. Check the abs sensors at the wheels for a loose connection.
The abs light stays on when the computer has detected a malfunction and set a trouble code.
The battery light stays on when the alternator is over or under charging. The red brake light stays on when the parking brake is set or the fluid is low. The abs light stays on when the abs computer detects a malfunction and sets a code.
The abs light stays on when a malfunction has been detected in the antilock braking system. The abs computer will have stored fault codes.