Which type of risk encompasses scenarios where there is a possibility of financial gain?

The type of risk that includes scenarios where there is a possibility of financial gain is speculative risk. This kind of risk is characterized by outcomes that can lead to either a profit or a loss, making it fundamentally different from other types of risks.

In speculative risks, individuals or entities engage in activities with the expectation that they might receive benefits, such as investing in stocks, starting a business, or betting. The inherent uncertainty is motivated by the potential for a positive outcome, hence the term "speculative."

Understanding this distinction is crucial because it influences how these risks are approached in various domains, including insurance. While pure risks only have the potential for loss, speculative risks allow for the possibility of gain, reflecting a broader range of financial scenarios.

In an insurance context, insurable risks typically refer to pure risks that can be covered by insurance policies due to their predictable nature regarding losses. Calculable risk involves the ability to attach a numerical value to the likelihood of an insurable event, which is more relevant to pure risks. Thus, speculative risk is uniquely defined by the possibility of both loss and gain, making it the correct answer.