LOSS, n. Privation of that which we had, or had not. Thus, in the latter sense, it is said of a defeated candidate that he lost his election.
Source: The Devil's Dictionary, 1911.
-- Ambrose Bierce, (Jun 24 1842-1914), US journalist, short-story writer; He was a noted wit, satirist and sardonic short story writer who disappeared while covering the Mexican revolution.