By working in a structured manner, the recipient can easily and correctly interpret the information exchanged. That is why it is important that the way in which the naming is done is clear. If you make the content of an object traceable in the naming convention, you create unambiguity in a project. Moreover, it makes the element structure clear and comprehensible during the entire cycle.
The property Name is the name of the unique element, but this name may occur frequently. In the source applications, it is the name of the collection that determines the shape (think of a round fire damper). This name can be overwritten if this improves the readability of the IFC export (think of deciphering a naming convention specific to a certain source application).
The property Type of, for example, the circular fire damper is the collection of the same shape with different properties. In particular, this involves different dimensions, i.e. different diameters and depths for the pipe and wall thickness.