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 Extended Care: A Patchwork of Possibilities What is your plan for health care during retirement? Insuring Your Business With a Buy/Sell Agreement It may help your business be better prepared in the event of the death of a principal or key employee. Protecting Those Who Matter Most The importance of life insurance, how it works, and how much coverage you need.