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. What is a Premium? Do you know what a Premium is? Protecting Those Who Matter Most The importance of life insurance, how it works, and how much coverage you need.