The chance of loss without any possibility for gain is known as a/an?

The concept described as the chance of loss without any possibility for gain is known as pure risk. Pure risk involves scenarios where the only outcomes are loss or no loss; there is no possibility of financial gain. This distinction is important because it helps in understanding what kinds of risks can be insured. For example, risks such as natural disasters, theft, or accidents fall under this category since they only result in losses and do not provide any chance for profit.

In contrast, uninsurable risk refers to risks that cannot be effectively insured because they are either too uncertain or too catastrophic in nature. Insurable interest is a legal concept that requires a person to have a stake in the property or life that is being insured; if a valid insurable interest does not exist, the contract is void. Speculative risk involves opportunities for both loss and gain, such as investments or gambling, which is not what is meant by the situation described in the question. Thus, pure risk accurately reflects the scenario presented, making it the correct choice.