Which of the following represents a type of risk that involves only loss and no opportunity for gain?

The concept of pure risk refers specifically to situations where there is only a possibility of loss and no chance for financial gain. This type of risk is typically associated with events that can lead to detrimental outcomes, such as natural disasters, accidents, or illnesses. In the context of insurance and risk management, pure risk is the primary focus because it is insurable. Since there is no potential for gain involved, individuals or organizations facing pure risk can only look to mitigate the impact of loss rather than weigh the potential for profit against potential losses.

In contrast, speculative risk implies that there is both the possibility of loss and the potential for gain, which is not applicable to pure risk. Natural risk and calculated risk also involve elements that can lead to opportunities for gain or loss in different contexts, further emphasizing that pure risk stands alone in its characteristic of being solely loss-focused.