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The light comes ON when there is a difference in pressure between the front and rear braking circuits. It can come ON when it otherwise shouldn't under two scenarios:
1) Differential piston in the proportioning valve is stuck off-center from a previous (yet resolved) brake failure.
2) Switch body is broken, shorting the switch out (possible fluid leak).
C8AZ-2B264-A .. Low Brake Fluid Warning Lamp Switch-threads into brake pressure differential (aka proportioning) valve / Available from Ford & auto parts stores.