One way to figure out the meaning of an unfamiliar word is to know how it is used in the sentence it is part of. If you understand the context of the sentence then its meaning can be inferred from the sentence usage.
It is also better to look it up in the dictionary to further know the meaning of the word, its etymology, and usage. This is to support your initial understanding of the unfamiliar word as part of the sentence you have read.
The answer to the question you have presented above would be 'a paraphrase'. The passage ''In The Merchant of Venice, Shakespeare’s characters <span>discover that love is blind. Many people can look past the faults and flaws of a person when they are in love.'', is an example of a paraphrase. </span>