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 Forecast Life is as unpredictable as the weather. We’d love to help you prepare. Did You Know This Fact About Fire Extinguishers? How often should you check your fire extinguishers? Do you know? Protecting Those Who Matter Most The importance of life insurance, how it works, and how much coverage you need.