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 Message Thank you! Oops! Related Content The Best of Both Worlds Here are a few reasons we’ve chosen to be independent. Insurance Needs Assessment: Married With Children When you’re married and have children, insurance needs will be different. Protecting Those Who Matter Most The importance of life insurance, how it works, and how much coverage you need.