IC stands for Integrated Circuit, which basically means that something that would earlier have been built with several separate components can now be built with something that looks just like one single component.
And a timer is a timer, somethings which counts down and then cause something to happen once the preset time has run out
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8-pin 555 timer IC
The 555 timer IC is an integrated circuit ,that is used mainly in a variety of timer, pulse generation, and oscillator applications. It can be used to provide time delays.
The 555 is a timer, not a counter.
A Universal is a choice of words but this chip is widely used as a timer the accuracy for long elapse time is very good so that is widely used
The "LM" stands for Linear Monolithic" and is just part of the part-number that National decided to use for this famous timer IC. The LM prefix is still used for a lot of medium complexity analog chips, like regulators and op-amps.