Yes you understand correctly, this is standard warranty for electronics. I doubt you can get a refund after the refund period has expired, especially if your reason for wanting it is because you don't like the terms of the warranty, which you could have looked up before purchase and you won't get a warranty with much difference in terms if you buy a different manufacturer's product.
Also consider this - if they repair and return your phone to you it is effectively a refurbished phone at that point. In fact - it would probably be tested LESS rigorously than if they had just replaced it with a refurbished device in stock.
Guess what - if the alternator in your car fails under warranty you could also end up with a remanufactured alternator. This is allowed within the warranty of your car.