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 Snapshots Your life is marked by images. Prepare for the unexpected, so you can keep those pictures going. Did You Know This Fact About Foggy Conditions? Foggy conditions make driving more hazardous, but high beams aren't the answer. Assess Your Life Insurance Needs This calculator estimates how much life insurance you would need to meet your family's needs if you were to die prematurely.