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 Extended Care: A Patchwork of Possibilities What is your plan for health care during retirement? Assess Life Insurance Needs How to help determine life insurance needs to provide for your family after you pass away. Long-Term-Care Protection Strategies The chances of needing long-term care, its cost, and strategies for covering that cost.