The term COVERED AGAINST LOSS can be summarized by the word INSURED, which is a seven-letter word. Insurance is a form of risk management that is used to protect against potential financial losses. It is a contract between two parties, the insurer and the INSURED, in which the insurer agrees to provide financial compensation for any losses incurred by the INSURED. This type of protection is important for individuals and businesses alike, as it helps to protect against unexpected losses.