A form is a collection of items used to assess or evaluate a learner, faculty member, course, service, event, or anything else in your organisation. Form templates are organisation-specific and allow you to rely on templated items to make forms consistent. In the case of the Competency-Based Medical Education module used in graduate and postgraduate medical education, form templates also allow you to set parameters regarding EPAs, contextual variables and rating scales to automatically build and publish a set of triggerable assessment forms for clinical learning.
If you are using CBME please refer to the inline help in your Elentra installation to learn more about using form templates.
If you are in an organisation that isn't using CBME, form templates is unlikely to be something you will use.
Form templates are built off of something called a form blueprint and there is currently no way through the user interface to configure a form blueprint. If you want different form templates from those in a default installation of Elentra, you'll need a developer's help.