1. A 'linked account'. This is when two or more accounts are considered owned by the same advertiser. It's for companies with huge keyword lists and 1 account won't suffice. If the same keyword appears in both accounts, when a search is preformed, only 1 will show at any given time. These are very difficult to manage if they aren't set up properly because of 'keyword leakage' between the accounts.
2. My Client Center (http://www.webmasterworld.com/forum81/3655.htm ):
This is an agency login. You can have the same keyword in multiple accounts because each account represents a different company.