There are basically two parts to the written Fram warranty: 1) The warranty of the actual product (filter) and 2) The coverage of any engine damage that is found to be caused by a defective product (filter).
The way 1) is written, they say the filter would only be covered "for the duration of the original equipment recommended change interval" for any "defects in material and workmanship". Then they throw in the statement: "warranted to their original purchaser to be free from defects in material and workmanship for one (1) year from the later of the date of purchase or the date of installation". Since that warranty is only on the product, if an oil filter started leaking for some reason like a bad base seam seal & crimp, then it would be covered under warranty. If anything goes wrong inside (like torn media), it wound never be covered because no company is going to warranty the product if it's cut open or torn apart. Think there have been a few members here who had the can leak half way through an OCI and Fram had them send it back (paid by Fram) and sent them a couple new replacement filters.
Most manufacturer OCIs for newer cars are stated to change and filter in X miles or 1 year (which ever one comes first), so apparently the coverage in Fram's statement would cover a 1 year OCI. Statement says: "one (1) year from the later of the date of purchase or the date of installation" ... do they mean the oldest date or the newest date. It depends on how you interpret the statement. I'm going to assume it's the oldest date, so it you bought a filter and installed it 2 years later (from a filter hording stash, lol) it wouldn't be covered at all for material and workmanship. Maybe they do intend "later date" to be when the filter is installed, but why would they even bring up "later of the date" since when is a filter installed before it's purchased?
The second statement about covering any engine damage is pretty clear IMO.