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 Coaches Coaches have helped you your whole life, in ways big and small. We’d like to be one of them. What is a Dwelling Fire Policy? Do you know what a Dwelling Fire Policy is? Protecting Those Who Matter Most The importance of life insurance, how it works, and how much coverage you need.