Source : Webster's Revised Unabridged Dictionary (1913)

Palm \Palm\, n. [AS. palm, L. palma; -- so named fr. the leaf
   resembling a hand. See lst {Palm}, and cf. {Pam}.]
   1. (Bot.) Any endogenous tree of the order {Palm[ae]} or
      {Palmace[ae]}; a palm tree.

   Note: Palms are perennial woody plants, often of majestic
         size. The trunk is usually erect and rarely branched,
         and has a roughened exterior composed of the persistent
         bases of the leaf stalks. The leaves are borne in a
         terminal crown, and are supported on stout, sheathing,
         often prickly, petioles. They are usually of great
         size, and are either pinnately or palmately many-cleft.
         There are about one thousand species known, nearly all
         of them growing in tropical or semitropical regions.
         The wood, petioles, leaves, sap, and fruit of many
         species are invaluable in the arts and in domestic
         economy. Among the best known are the date palm, the
         cocoa palm, the fan palm, the oil palm, the wax palm,
         the palmyra, and the various kinds called cabbage palm
         and palmetto.

   2. A branch or leaf of the palm, anciently borne or worn as a
      symbol of victory or rejoicing.

            A great multitude . . . stood before the throne, and
            before the Lamb, clothed with white robes, and palme
            in their hands.                       --Rev. vii. 9.

   3. Hence: Any symbol or token of superiority, success, or
      triumph; also, victory; triumph; supremacy. ``The palm of
      martyrdom.'' --Chaucer.

            So get the start of the majestic world And bear the
            palm alone.                           --Shak.

   {Molucca palm} (Bot.), a labiate herb from Asia ({Molucella
      l[ae]vis}), having a curious cup-shaped calyx.

   {Palm cabbage}, the terminal bud of a cabbage palm, used as
      food.

   {Palm cat} (Zo["o]l.), the common paradoxure.

   {Palm crab} (Zo["o]l.), the purse crab.

   {Palm oil}, a vegetable oil, obtained from the fruit of
      several species of palms, as the African oil palm
      ({El[ae]is Guineensis}), and used in the manufacture of
      soap and candles. See {El[ae]is}.

   {Palm swift} (Zo["o]l.), a small swift ({Cypselus
      Batassiensis}) which frequents the palmyra and cocoanut
      palms in India. Its peculiar nest is attached to the leaf
      of the palmyra palm.

   {Palm toddy}. Same as {Palm wine}.

   {Palm weevil} (Zo["o]l.), any one of mumerous species of very
      large weevils of the genus {Rhynchophorus}. The larv[ae]
      bore into palm trees, and are called {palm borers}, and
      {grugru worms}. They are considered excellent food.

   {Palm wine}, the sap of several species of palms, especially,
      in India, of the wild date palm ({Ph[oe]nix sylvestrix}),
      the palmyra, and the {Caryota urens}. When fermented it
      yields by distillation arrack, and by evaporation jaggery.
      Called also {palm toddy}.

   {Palm worm}, or {Palmworm}. (Zo["o]l.)
      (a) The larva of a palm weevil.
      (b) A centipede.

Source : WordNet®

palm oil
     n : oil from nuts of oil palms especially the African oil palm