When interviewers ask about late binding in Java, they are assessing your understanding of object-oriented programming concepts, particularly polymorphism and method overriding. Late binding, or dynamic binding, is crucial for achieving runtime polymorphism, allowing methods to be invoked based on the actual object type rather than the reference type. To answer effectively, explain the concept clearly, highlight its role in polymorphism, and provide a simple example to illustrate how it works. Avoid overly complex jargon and focus on the practical implications and advantages of using late binding in Java.