Insurance 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! Want to be Smarter With Your Money? Join our mailing list and get news and info to support your financial goals. First Name Last Name Email Address Thank you! Oops!