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 The Other Sure Thing Though we don’t like to think about it, all of us will make an exit sometime. Are you prepared? Universal Life Insurance Universal life insurance is permanent insurance with a flexible premium. Here's how it works. Protecting Those Who Matter Most The importance of life insurance, how it works, and how much coverage you need.