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 If a Tree Falls Do you know what to do if a tree falls on your house, damaging your roof? Buying Auto Insurance For Teen Drivers Tips on insuring your teen driver. Protecting Those Who Matter Most The importance of life insurance, how it works, and how much coverage you need.