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 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. What is a Term? Do you know what a Term is? Protecting Those Who Matter Most The importance of life insurance, how it works, and how much coverage you need.