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The ABS light comes on from time to time, what does this mean?

The ABS light comes on in the dash. This is in addition to the check engine light which was determined to be a sensor. What does the ABS light mean? what will it cost to fix?
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I guess the worst thing would be that in a panic stop your Anti Lock Brakes wouldn't kick in.
Dangerous? I suppose you might not be able to stop as quickly as you could with the ABS working especially on a wet and slick road.