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 The Best of Both Worlds Here are a few reasons we’ve chosen to be independent. Universal Life Insurance Universal life insurance is permanent insurance with a flexible premium. Here's how it works. Protecting Those Who Matter Most The importance of life insurance, how it works, and how much coverage you need.