What is a Loss? Loss[los]noun1.A Loss is an injury or damage that is covered by an insurance Policy. Losses can be partial, like when wind damages part of a roof, or total, as when an automobile is “totaled” in a collision. Share | Have A Question About This Topic? Address Thank you! Oops! Related Contents Combine Your Policies and Save Some things just make perfect sense in pairs. Term vs. Permanent Life Insurance When considering life insurance, it's important to understand your options. Long-Term-Care Protection Strategies The chances of needing long-term care, its cost, and strategies for covering that cost.