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 Coaches Coaches have helped you your whole life, in ways big and small. We’d like to be one of them. Insurance Needs Assessment: When You're Newly Married Marriage changes everything, including your insurance needs. Protecting Those Who Matter Most The importance of life insurance, how it works, and how much coverage you need.