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 Combine Your Policies and Save Some things just make perfect sense in pairs. Understanding the Basics of Medigap Policies Important as it is, Medicare does not cover the full range of health-care expenses you may experience in your golden years. Long-Term-Care Protection Strategies The chances of needing long-term care, its cost, and strategies for covering that cost.