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 a Pipe Breaks Learn what to do when a pipe bursts with this helpful video flooded with smart tips. The Value of Insuring Against Life’s Risks Building wealth requires protection from the forces of wealth destruction. Protecting Those Who Matter Most The importance of life insurance, how it works, and how much coverage you need.