Live template invoked after typing appropriate char sequence and pressing Tab button. They are used for faster writing mostly typical code fragments. For example if you type cfo and press Tab, then you'll have such code instead of cfo: <cfoutput>component</cfoutput>. Your cursor will be staying at the begining of component word. Typing anything will replace the word. Press enter and cursor will jump at the end of the construction.
You may see available templates in Settings/Live templates/cfml