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? Name Email Address Question Thank you! Oops! Related Contents Extended Care: A Patchwork of Possibilities What is your plan for health care during retirement? Is Term Life Insurance for You? Term insurance is the simplest form of life insurance. 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.