Select from the choices below the best description of a speculative risk.
a. Insuring someone over the age of 90.
b. Involving the possibility of a gain in addition to the uncertainty of loss.
c. Insuring against a situation that offers no possibility of gain.
d. The purchase of an insurance policy to protect from gambling losses.
B.
Involving the possibility of a gain in addition to the uncertainty of loss. This is the definition of speculative risk.