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a mark (‸) made in written or printed matter to show the place where something is to be inserted.
Historical Examples

The last is one of five stanzas, with music “set by Mr. caret:”
All About Coffee William H. Ukers

caret, Murphy, and the other priests now returned to Tahiti.
The Life and Labours of the Rev. Samuel Marsden Samuel Marsden

The caret (^) is used to mark the omission of a letter or word or a number of words.
Plain English Marian Wharton

Here is a little tale that has not “caret”-ed its “vates”; “sacer” is another point.
The Works of Robert Louis Stevenson – Swanston Edition Vol. 25 (of 25) Robert Louis Stevenson

There is much private history which will never come to light, caret quia vate sacro, because no Budgeteer comes across it.
A Budget of Paradoxes, Volume II (of II) Augustus de Morgan

The omitted part is generally written above, and the caret shows where it should be inserted.
Plain English Marian Wharton

caret profecto omnibus his, qui vitam suam vult semper habere cum famulis.’
The Letters of Cassiodorus Cassiodorus (AKA Magnus Aurelius Cassiodorus Senator)

The above examples illustrate the use of the caret with the omission of a letter, a word or phrase.
Plain English Marian Wharton

Transcriber’s Note: The caret (^) has been used to mark subscript in the text version.
Washington and the American Republic, Vol. 3. Benson J. Lossing

caret periculo, qui etiam cum est tutus cavet—He is not exposed to danger who, even when in safety, is on his guard.
Dictionary of Quotations from Ancient and Modern, English and Foreign Sources James Wood

noun
a symbol (‸) used to indicate the place in written or printed matter at which something is to be inserted
n.

“mark in writing to show where something is to be inserted,” 1680s, from Latin caret “there is lacking,” 3rd person singular indicative of carere “to lack” (see caste).

^
Common: hat; control; uparrow; caret; ITU-T: circumflex. Rare: chevron; INTERCAL: shark (or shark-fin); to the (“to the power of”); fang; pointer (in Pascal).