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 Forecast Life is as unpredictable as the weather. We’d love to help you prepare. What is Exposure? Do you know what Exposure is? Long-Term-Care Protection Strategies The chances of needing long-term care, its cost, and strategies for covering that cost.