A viscous-type dynamic hysteresis model (DHM) that is compatible with any static hysteresis model is described. In contrast to existing dynamic models, the DHM is characterized by fixed desired properties over an infinite frequency range and provides the possibility of changing the shape of the steady-state hysteresis loop. The way the DHM is combined with Maxwell equations makes it possible for the first time to separate all three components of the total loss in conducting ferromagnetic laminations. These are the static hysteresis loss, classical eddy-current loss, and the excess loss treated as a dynamic hysteresis component. The study of their frequency dependencies opens a possibility of accurate iron loss prediction based on the loss separation principle.