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Vulnerability which is currently there in the application but vendor has not yet released the update or patch for the application then it can call  as Zero day vulnerability.

Ex: Currently we are using updated chrome browser but there is a vulnerability in the chrome app, then you can reach IPS or AV vendors for updated signature for the vulnerability.

Yes, it can be prevented if there is a updated signatures from AV or IPS Vendors .
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Until the patch is not released for the vulnerability that is known as zero day vulnerability

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