When they lose, they do keep the physical belt that they have already been given, yes. I'm less certain in the case of a fighter that was stripped of his title. Rhetorically, you might say he was "stripped of his belt," but I rather doubt that they actually confiscate it. read more
They keep the ones the Belt Organizations give them as a trophy. But coming into a fight the champ brings the belt that is given to the challenger if he wins. And then the challenger keeps a belt as a trophy but there is always one that is used to switch hands and not kept. read more
You keep the same belt. When the winner gets backstage, they give it back to the loser. In some cases they have a new belt waiting for the winner but in most cases, it gets mailed. read more
In the Ring they pass it on, BUT the new Champion gets a New Championship Belt and the Old Champion gets his belt back. read more