Final answer:
The subcutaneous layer, also known as the hypodermis, is located below the dermal layer and is composed of adipose (fatty) and loose connective tissue. It serves to connect the skin to the underlying fascia of the bones and muscles, providing insulation and cushioning for the integument.
Step-by-step explanation:
The layer of skin located below the dermal layer and composed of adipose (fatty) and loose connective tissue is the subcutaneous layer. This layer, also known as the hypodermis, is not strictly a part of the skin, but it serves to connect the skin to the underlying fascia of the bones and muscles. It consists of well-vascularized, loose, areolar connective tissue and adipose tissue, which functions as a mode of fat storage and provides insulation and cushioning for the integument.