Which of the following can be considered a loss?

Identifying a loss in the context of insurance is crucial to understanding how policies function. A loss can be defined as any financial or physical harm that occurs as a result of an insurable event. This definition encompasses a wide range of damages, including both tangible damages to property and financial losses incurred as a result of such events.

When considering the options, the aspect of financial harm is significant; it recognizes that losses aren't limited to just visible or physical damages but also include lost income or additional expenses that may arise because of an incident (e.g., business interruption). This broad definition captures the essence of what losses are in the realm of general insurance, making it applicable under various insurance policies.

The other options do not encompass the full scope of what constitutes a loss. Some limit losses to only those that are insurable or, more narrowly, to claims that have been approved, which does not account for potential losses that have not yet been processed or decided upon. Others specify claims exceeding policy limits, which doesn't accurately reflect the nature of a loss itself, as losses can be within limits yet still significant. Thus, option B stands out as the most accurate and complete understanding of what constitutes a loss in insurance terms.