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 Message Thank you! Oops! Related Content If You're In An Accident Learn the best steps to take after you’ve been in an automobile accident with this useful, step-by-step video. How Your Credit May Affect Your Life Insurance Premiums This article is perfect for helping you explore the surprising connection between your credit score and life insurance costs. Long-Term-Care Protection Strategies The chances of needing long-term care, its cost, and strategies for covering that cost.