What is meant by latency, transfer and seek time with respect to disk I/O?

Seek time is the time required to move the disk arm to the required track. Rotational delay or latency is the time to move the required sector to the disk head. Sums of seek time (if any) and the latency is the access time, for accessing a particular track in a particular sector. Time taken to actually transfer a span of data is transfer time.