A Ward is a source of unrecoverable, extra vitality that is used in place of your vitality while you have it.
If you were to take damage that exceeds the amount of Ward you have, the damage would first reduce your Ward, and then spill over unto your vitality.
You cannot have multiple Wards, but if a situation arises where you gain a secondary Ward, the higher valued Ward overrides the lower one.
A Ward is typically gained from magical sources, such as spells or enchanted items, or class abilities.
If a Ward has no duration, it remains on a creature until they complete a Rest, or until it is depleted by being damaged.