Loadouts

Loadouts are combinations of equipment and abilities (both skillbar and sidebar) that you can switch between with a hotkey whenever you are out of combat.

Loadouts can be accessed through the star icon to the right of the skillbars.

From the game update when load outs were first introduced:

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Load-outs are a snapshot of your active skills, abilities, and equipment. You can switch to a different load-out at any time (except during combat), either through the GUI or by configuring a hotkey. You unlock your first two load-outs when you get your first combat skill to level 25. After that, each combat skill you raise to level 50 unlocks another load-out, up to a maximum of 9. The equipment used by load-outs is marked with a special icon in your inventory so that you can easily tell which ones are in use. And these items don't show up in the vendor GUI -- they are effectively "locked" from being sold.