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 Question Thank you! Oops! Related Contents Accidents Accidents happen to everyone. We’re here to help. Universal Life Insurance Universal life insurance is permanent insurance with a flexible premium. Here's how it works. Protecting Those Who Matter Most The importance of life insurance, how it works, and how much coverage you need.