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 Your DNA Test If your family relies on your income, it’s critical to know what their needs would be in the event of your death. When Life Insurance Becomes Taxable Life insurance proceeds are generally tax-free. But not in all cases. Long-Term-Care Protection Strategies The chances of needing long-term care, its cost, and strategies for covering that cost.