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. Assess Life Insurance Needs How to help determine life insurance needs to provide for your family after you pass away. Protecting Those Who Matter Most The importance of life insurance, how it works, and how much coverage you need.