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 Combine Your Policies and Save Some things just make perfect sense in pairs. Did You Know This Fact About Claims Advances? If a fire forces you out of your home, you can ask for a claim advance. Protecting Those Who Matter Most The importance of life insurance, how it works, and how much coverage you need.