Final answer:
Loss-of-function mutations that completely eliminate the function of a gene product are called null mutations or gene knockouts.
Step-by-step explanation:
Loss-of-function mutations that completely eliminate the function of a gene product are indeed called null mutations or gene knockouts. These mutations can have significant effects on the protein encoded by the gene, disrupting its normal function. For example, a nonsense mutation can introduce a premature stop codon, resulting in a truncated and nonfunctional protein.