What term is used to describe the injury or damage sustained by the insured against which insurance covers?

The term that describes the injury or damage sustained by the insured, against which insurance provides coverage, is "loss." In the context of insurance, a loss refers to the specific event that results in a reduction of value or an detriment to the insured property or person, triggering potential compensation from the insurance provider.

When an insured individual experiences a loss—whether it's a result of theft, fire, injury, or any other peril covered by the policy—this event is what the insurance aims to protect against. The term "claim" is often used to represent the request made by the insured to the insurer for payment or coverage based on that loss, but it is not the actual event of damage or injury itself. Similarly, "risk" pertains to the possibility of a loss occurring, and "exposure" relates to the condition or situation that increases the likelihood of a loss happening. Therefore, "loss" is the most accurate term to define the injury or damage for which the insured is covered.