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 Message Thank you! Oops! Related Content Your DNA Test If your family relies on your income, it’s critical to know what their needs would be in the event of your death. Did You Know This Fact About the Claims Process? Claims can be left open as long as you need. Long-Term-Care Protection Strategies The chances of needing long-term care, its cost, and strategies for covering that cost.