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a group of substances comprising fatty, greasy, oily and waxy compounds that are insoluble in water and soluble in nonpolar solvents, such as hexane, ether and chloroform. Simple lipids are the triglycerides or neutral fats.ny of a group of organic compounds, including the fats, oils, waxes, sterols, and triglycerides, that are insoluble in water but soluble in common organic solvents, are oily to the touch, and together with carbohydrates and proteins constitute the principal structural material of living cells. lipÂ·idâ²ic adj.
  The term lipid commonly refers to fats, which are known chemically as triglycerides. Triglycerides are organic molecules that contain three different types of elements â¦ : carbon, hydrogen, and oxygen. But technically, lipids are a class of molecules that includes triglycerides, phospholipids, steroids, and waxes.So if you wanted to know what elements are found in lipids as a class, you'd have to allow for phosphorus as well, since phospholipids contain phosphorus in addition to carbon, hydrogen, and oxygen.ut technically, lipids are a class of molecules that includes triglycerides, phospholipids, steroids, and waxes. So if you wanted to know what elements are found in lipids as a class, you'd have to allow for phosphorus as well, since phospholipids contain phosphorus in addition to carbon, hydrogen, and oxygen.