"Peel and Present" is where the printer feeds out the first label in the batch and the next label waits to print until the first label has been taken. This may also be called a "Label Dispenser" or "Self-Strip" function.
Here is a great video demonstrating Brady's excellent i7100 thermal transfer printer with the peel and present function working with a "manual label advance" where you simply push a button for the next label - as well as "automatic label advance" where the printer has a sensor to print the next label automatically.