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Noun: caret  ker-ut [N. Amer], ka-rut [Brit]
  1. A mark used by an author or editor to indicate where something is to be inserted into a text
    "The editor used a caret to show where the missing word should be added"

Sounds like: carat, karat, carrot

Derived forms: carets

Type of: mark

Encyclopedia: Caret, Virginia