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 Second Home There are unique risks of owning a second home and obtaining the proper coverage may protect you from financial risk. When the Unexpected Becomes Reality Disability happens to more people, more often than you may think, and it lasts longer, too.