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 Contents Accidents Accidents happen to everyone. We’re here to help. Did You Know This Fact About Claims Advances? If a fire forces you out of your home, you can ask for a claim advance. Long-Term-Care Protection Strategies The chances of needing long-term care, its cost, and strategies for covering that cost.