A subdomain is a part of your business. There are core domains, supporting domains and generic domains. Core domains are where the money is, supporting domains support your core business, and generic domains are the ones you need, but don’t care a lot about, so you would probably buy them of the shelf. For an insurance company, the core domain is insurance, a supporting domain could be client portfolio, and a generic domain could be something like timesheets.
In general a bounded context is a boundary within which the ubiquitous language is consistent. In DDD walhalla each subdomain would live in its own bounded context. In reality however, there is legacy, there are packages that try to do everything at once… which will force all kinds of awkard relationships.