It's correct. It's short for, she is a loving and caring person. Both 'loving' and 'caring' modify the noun 'person'.Originally Posted by Unregistered
The words 'loving' and 'caring' function as adjectives. Here's a test you can use to determine if the -ing word is an adjective: replace it with another adjective, and if the resulting sentence is grammatical, then the -ing word is an adjective, like this,
She is loving.
She is nice.
She is wonderful.