Another name is insulation power factor test.
Doble equipment puts a 2.5 kV or 10 kV AC signal on the transformer or other test specimen, then carefully measures signals proportional to the watts and VA. From that you can calculate, or read directly on the fancier instruments, the power factor of the current flowing into the insulation. A perfect insulation only has capacitive current flowing, power factor zero. Wet, dirty or degraded insulation will have resistive leakage current, raising the power factor. 1% or lower is good, but like megger readings a lot is relative.
A true Doble test sequence makes several measurements, similar to the megger readings on a transformer: Hi & Lo to gnd, Lo to Hi & gnd, Hi to Lo & Gnd plus others with guard inputs. A lot of care is needed to get accurate readings and to accurately adjust for temperature and other factors. Doble supplied a data base of readings for all the transformers tested with their equipment. That gave the customer something to compare his readings too on a unit of a similar size, type and manufacture.