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? Address Thank you! Oops! Related Contents If a Pipe Breaks Do you know what to do if a pipe breaks in your house? Did You Know This Fact About Emergency Preparedness? An emergency kit is essential for every household. Protecting Those Who Matter Most The importance of life insurance, how it works, and how much coverage you need.