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. How Insurance Deductibles Work Knowing how insurance deductibles work can help you save money and give you peace of mind. Long-Term-Care Protection Strategies The chances of needing long-term care, its cost, and strategies for covering that cost.