PENALTY OF $100,000 PAID BY COMPANY, TEXAS FARMERS INSURANCE COMPANY AND FARMERS TEXAS COUNTY MUTUAL INSURANCE COMPANY, ROUND ROCK, TEXAS FOR IMPOSING DRIVING RECORD PREMIUM SURCHARGES OUTSIDE THE APPLICABLE EXPERIENCE PERIODS IN TEXAS. 01-08-1999.
out is a static final field (ie, variable)in System class which is of the type PrintStream (a built-in class, contains methods to print the different data values). static fields and methods must be accessed by using the class name, so (System.out). 1  out here denotes the reference variable of the type PrintStream class.
Output is anything that kinda like goes out of the system. For example your computer monitior is an output device and so are stuff like speakers, printer a usb stick can also be an output device if you put something on it essentially anything that goes out of the system.