yum fails with error: Peer cert cannot be verified or peer cert invalid" or 'certificate verify failed`

Issue

• Yum commands fails with error:

Error: failed to retrieve repodata/<long-string>-primary.xml.gz from rhel-x86_64-server-6
error was [Errno 14] Peer cert cannot be verified or peer cert invalid

• Performing a yum check-update produces the following error when registered to Red Hat Subscription Manager.

[root@rserver ~]# yum check-update
Loaded plugins: product-id, refresh-packagekit, security, subscription-manager
This system is receiving updates from Red Hat Subscription Management.
https://cdn.redhat.com/content/dist/rhel/server/6///optional/os/repodata/repomd.xml: [Errno 14] Peer cert cannot be verified or peer cert invalid
Trying other mirror.
Error: Cannot retrieve repository metadata (repomd.xml) for repository: example_repo1. Please verify its path and try again

• Certificate related errors can also be caused by running other related yum commands such as:

yum repolist
yum update
yum search
yum list

or it may even come before the registration occurs
subscription-manager register

This commands may produce the error such as:
unable to verify servers identity: certificate verify failed