What type of toolholder is specifically designed to hold drill bits?

A drill chuck is the specific type of toolholder designed to securely hold drill bits in place during drilling operations. It features a set of jaws that can be tightened or loosened, allowing for a quick change of bits while ensuring a firm grip on the shank of the drill bit as it rotates.

Drill chucks come in various designs, such as keyed or keyless, each catering to different operational preferences. A keyed chuck uses a chuck key to tighten or loosen the jaws, which provides a firm grip on the drill bit, making it suitable for applications involving significant force or torque. Keyless chucks allow for rapid bit changes by hand, enhancing convenience for tasks that require frequent bit changes.

The other options do not fulfill this specific purpose. A chuck key is a tool used with keyed chucks for tightening or loosening the jaws, a clamp typically refers to a device for holding two pieces together, and a dolly is unrelated, as it refers to a wheeled cart used to move heavy objects. Thus, the drill chuck stands out as the correct and specialized toolholder for securing drill bits.