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 Combine Your Policies and Save Some things just make perfect sense in pairs. A Look at Whole Life Insurance Whole life insurance remains in force as long as you remain current with premiums. Here's how it works. Long-Term-Care Protection Strategies The chances of needing long-term care, its cost, and strategies for covering that cost.