Vervet monkeys (Chlorocebus Pygerythus) are some of the most studied monkeys when it comes to vocalization and alarm calls within the nonhuman primates. They are most known for making alarm calls in the presence of their most common predators (leopards, eagles, and snakes). The alarm calls of the Vervet monkey are considered arbitrary in relation to the predator that it signifies. In the sense that the calls may be distinct to the threat that the monkeys are seeing but arbitrary in that it does not mimic the sounds of the predator. This is like yelling "Danger!" when seeing an angry dog instead of making barking sounds. This type of alarm calls is seen as the earliest example of symbolic communication (the relationship between signifier and signified is arbitrary and purely conventional) in nonhuman primates.
However, there is much debate on whether the vervet monkeys alarm calls are actual "words" in the sense of purposely manipulating sounds to communicate specific meaning or are unintentional sounds that are made when interacting with an outside stimulus. Like small children who cannot communicate words effectively make random noises when being played with or are stimulated by something in their immediate environment. As children grow and begin learning how to communicate the noises, they make are very broad in relation to their environment. They begin to recognize the things in their environment but there more things than known words or noises so a certain sound may reference multiple things.  As children get older, they can become more specific about the noises and words made in relation to the things in their environment. It is thought that as Vervet monkeys get older they are able to learn and break the broad categories into more specific sub categories to a specific context.
In an experiment conducted by Dr. Tabitha Price, they used custom software to gather the acoustic sounds of male and female Vervet monkeys from East Africa and male Vervet monkey from South Africa. The point of the experiment was to gather the acoustic sounds of these monkeys when stimulated by the presence of snakes (mainly Python), raptors, terrestrial animals (mostly Leopards), and aggression. Then to determine if the calls could be distinguished with a known context.
The experiment determined that while the Vervet monkeys were able to categorize different predators and members of different social groups, however their ability to communicate specific threats is not proven. The chirps and barks that Vervet monkeys make as an eagle swoops in are the same chirps and barks that are made in moments of high arousal. Similarly, the barks made for leopards are the same that are made during aggressive interactions. The environment that they exist in is too complex for their ability to communicate about everything in their environment specifically..
In an experiment conducted by Dr. Julia Fischer, a drone was flown over Vervet monkeys and recorded the sounds produced. The Vervet monkeys made alarm calls that were almost identical to the eagle calls of East African Vervets. When a sound recording of the drone was played back a few days later to a monkey that was alone and away from the main group it looked up and scanned the sky. Dr. Fischer concluded that Vervet monkeys can be exposed to a new threat once and understand what it means.
It is still debated whether or not Vervet monkeys are actually aware of what the alarm calls mean. One side of the argument is that the monkeys give alarm calls because they are simply excited. The other side of the argument is that the alarm calls create mental representation of predators in the listeners minds. The common middle ground argument is that they give alarm calls because they want others to elicit a certain response, not necessarily because they want the group to think that there is a specific threat near.
Ultimately there is not enough evidence to support whether or not the calls are simply identifying a threat or calling for specific action due to the threat.