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 If a Pipe Breaks Do you know what to do if a pipe breaks in your house? What is a Policy? Do you know what a Policy is? Long-Term-Care Protection Strategies The chances of needing long-term care, its cost, and strategies for covering that cost.