that is the length of the needle. 3/10" is good for sub-q slin injections, 1" for IM injections.
Some guys use 5/8" for IM.... I personally think they are too short, unless doing crazy shit like site injects in the soleus (don't knock it till you try it ).
I'd have to see the list to tell you what it means. I suspect that the first "1" is just an indicator of quantity (i.e, 1 terumo syringe w/needle for X dollars).
You will NEVER find an insulin needle that is 1" They are either 1/2 (like the one you discribed) or shorter. They are usually 27 to 29 (like the one you discribed) gauge.
1/2" is too long for someone w/ low bodyfat as far as insulin is concerned. Get the shorter needle and go in at an angle for subqutaneous injections.