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 The Other Sure Thing Though we don’t like to think about it, all of us will make an exit sometime. Are you prepared? Inventorying Your Possessions Creating an inventory of your possessions can save you time, money and aggravation in the event you someday suffer losses. Lifetime of Earnings Estimate how much you have the potential to earn during your working years.