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 Snapshots Your life is marked by images. Prepare for the unexpected, so you can keep those pictures going. What is Blanket Coverage? Do you know what Blanket Coverage is? Protecting Those Who Matter Most The importance of life insurance, how it works, and how much coverage you need.