Good question. I tried to make a brand new word document, then inserted several captions with pictures under them. When I inserted the "table of figures" it inserted the figure title and the picture.

This got me thinking that it must see the picture as part of the caption. So then I made sure to go down a line (hit enter) before inserting the picture. Then I re-inserted the table of figures and it did not include the pictures.

So, I guess your question helped me solve my problem. Thanks!