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? Name Email Address Question Thank you! Oops! Related Contents Accidents Accidents happen to everyone. We’re here to help. 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.