SSL (or TLS) helps to protect the confidentiality and integrity of information in transit between the browser and server, and to provide authentication of the server's identity. To serve this purpose, the server must present an SSL certificate that is valid for the server's hostname, is issued by a trusted authority and is valid for the current date. If any one of these requirements is not met, SSL connections to the server will not provide the full protection for which SSL is designed.
It should be noted that various attacks exist against SSL in general, and in the context of HTTPS web connections in particular. It may be possible for a determined and suitably-positioned attacker to compromise SSL connections without user detection even when a valid SSL certificate is used.