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 Combine Your Policies and Save Some things just make perfect sense in pairs. Buying Auto Insurance For Teen Drivers Tips on insuring your teen driver. Protecting Those Who Matter Most The importance of life insurance, how it works, and how much coverage you need.