Using python's requests post call with verify=True

I am using python's request to make a post call like below -

response = requests.post(ENDPOINT, data=json.dumps(data), \
                headers=headers, proxies=getProxy(), verify=True)

What does this 'verify=True' actually verify internally with respect to the certificate? what all information it verifies - whether it includes common name as part of verification?

Is there any other ways in python this verification can be done?

thanks for your replies