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 Pipe Breaks Learn what to do when a pipe bursts with this helpful video flooded with smart tips. Does Your Credit Score Affect Your Insurance Rates? Your credit score may influence how much you pay for auto and home insurance. Long-Term-Care Protection Strategies The chances of needing long-term care, its cost, and strategies for covering that cost.