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. What is an Appraisal? Do you know what an Appraisal is? Protecting Those Who Matter Most The importance of life insurance, how it works, and how much coverage you need.