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 If You're In An Accident Learn the best steps to take after you’ve been in an automobile accident with this useful, step-by-step video. Keep Your Life Insurance When You Retire This article is perfect for those looking to maintain their life insurance or explore alternate options during retirement. Long-Term-Care Protection Strategies The chances of needing long-term care, its cost, and strategies for covering that cost.