Step 1: Understanding the Concept:
The formation of coloured images (defects) by lenses is called Chromatic Aberration.
This occurs because the focal length of a lens depends on the refractive index ($f \propto \frac{1}{\mu-1}$).
Since the refractive index $\mu$ varies with wavelength (color) of light, different colors focus at different points.
Step 2: Identifying the Property:
The phenomenon where refractive index depends on wavelength, causing splitting of white light into constituent colors, is called Dispersion.