구전(口傳) means "oral tradition" 구전설화 means "a story that has been passed on orally[from mouth to mouth]" 구전유산 means "a tradition that has been passed on orally[from mouth to mouth]" 중요(重要) means "importance" When used before a noun, it means "important" 중요 무형 문화재(重要無形文化財) means "an important intangible cultural asset[heritage]"

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구전 means keep telling the story by mouth to mouth for a long time ago and this is noun form. 중요 is noun form of 중요하다. Simply importance