Glyceryl palmitate is ester of palmitic acid and glycerol?

Is glyceryl palmitate the ester of palmitic acid and glycerol?

Yes. Glyceryl palmitate is the ester formed when palmitic acid combines with glycerol.

What does that mean chemically?

“Ester of palmitic acid and glycerol” describes the molecule’s structure: it links glycerol and palmitic acid through an ester bond formed between the carboxyl group of palmitic acid and the hydroxyl group(s) of glycerol.