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 The Best of Both Worlds Here are a few reasons we’ve chosen to be independent. A Look at Whole Life Insurance Whole life insurance remains in force as long as you remain current with premiums. Here's how it works. Protecting Those Who Matter Most The importance of life insurance, how it works, and how much coverage you need.