Which type of risk is categorized as speculative risk?

Speculative risk is characterized by a situation in which there is a possibility of loss or gain, making it fundamentally different from pure risk, which involves only the potential for loss without any opportunity for profit. This type of risk aligns with scenarios such as investments in stocks or starting a business, where outcomes can result in either positive returns or financial losses.

In the context of the other options, a risk with no chance of loss describes a situation that does not involve uncertainty; thus, it doesn't fit into the speculative category. The characterization of risk associated only with financial losses pertains more to pure risk rather than speculative risk, which can involve both potential positive and negative outcomes. Lastly, risk that is completely insurable is typically a description of pure risks, and speculative risks are generally not insurable due to their uncertain nature. Therefore, the answer that highlights the potential for both loss and gain accurately reflects the essence of speculative risk.