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 The Best of Both Worlds Here are a few reasons we’ve chosen to be independent. What You Should Do About Insurance Following a Divorce In the face of divorce, making changes to insurance coverage may be overlooked. Protecting Those Who Matter Most The importance of life insurance, how it works, and how much coverage you need.