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 You're In An Accident Do you know what to do if you're in a car accident? Did You Know This Fact About Winterizing Your Car? Do you winterize your car? You should consider it. Protecting Those Who Matter Most The importance of life insurance, how it works, and how much coverage you need.