In earlier versions of CorelDRAW, the color palette displayed the name of the color when you hover the mouse over a color swatch. For example "Black", "Red", "Magenta", etc.
Starting with CorelDRAW X5, the color palette displays color values instead. For example "C0 M0 Y0 K100", "C0 M100 Y100 K0", "C0 M100 Y0 K0", etc. respectively.
Start a blank document in CorelDRAW or open any cdr file. Go to Window > Dockers and open the Color Palette Manager (see Pic. 2).

As you can see, there are some palettes at the bottom of the list, such as "256 shades of Gray", "CMYK Palette", Default palette" etc. If you enable the Default palette, by clicking on the "Eye" icon beside it, the palette will come up. But the palette will display color values and not names.
Now drag this "Default palette" up just below where it says "My Palettes" (see Pic. 2). A copy of this palette will be created under "My Palettes". Now this palette will show color names along with CMYK values. Just click again on the "Eye" icon of "Default palette" at the bottom of the docker to close the palette and use the one that was created under "My Palettes".

Tip provided by Pratik Shah, CorelDRAW  Master, Graphic Designer & Trainer.

Note: This tip is available in 3 languages (English, German, French).