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Meiosis is a specialized type of cell division that results in the formation of four sex cells or gametes, each with half the number of chromosomes as the parent cell. It plays a crucial role in sexual reproduction and genetic diversity by allowing for recombination and independent assortment of chromosomes. In this process, homologous chromosomes pair up and exchange genetic material through crossing over during prophase I, followed by two consecutive rounds of division to produce four haploid cells. This mechanism allows for new combinations of genes to be inherited by the offspring, promoting genetic variation in populations.