What type of risk is defined as having no chance of gain?

The correct answer is pure risk, which is characterized by situations that can only result in a loss or no loss, with no possibility of financial gain. This type of risk typically deals with events that can negatively impact individuals or organizations, such as natural disasters, accidents, or theft, where the outcome is purely detrimental or neutral.

In contrast, speculative risk involves scenarios where there is potential for both loss and gain, such as investments in the stock market or business ventures. Financial risk pertains specifically to uncertainties associated with financial transactions or investments, and operational risk relates to risks arising from internal processes, people, and systems within an organization. None of these types of risks align with the definition of having no chance of gain, making pure risk the precise characterization sought in the question.