Which of the following involves the possibility of loss but not necessarily financial gain?

Pure risk involves situations where there is a chance of loss or damage, but no opportunity for financial gain. This type of risk is commonly associated with scenarios such as accidents, natural disasters, and illness, where the outcomes can lead to negative consequences, but there is no potential for profit or positive financial return from those circumstances. Individuals and businesses often manage pure risks through insurance, which provides financial protection against unexpected losses.

In contrast, speculative risk includes both the possibility of loss and the chance for gain, as seen in investments or gambling. Pleasure risk generally refers to activities undertaken for enjoyment but may involve some level of risk, while insurable interest pertains to a legal requirement for insurance that ensures the insured has a stake in the asset or life covered. Therefore, pure risk is the correct choice here as it focuses solely on the aspect of potential loss without any associated financial gain.