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 When the Unexpected Becomes Reality Disability happens to more people, more often than you may think, and it lasts longer, too. Does Your Credit Score Affect Your Insurance Rates? Your credit score may influence how much you pay for auto and home insurance. Extended Care: A Patchwork of Possibilities What is your plan for health care during retirement?