Which term refers to the chance of a loss only?

The term that refers specifically to the chance of a loss only is pure risk. In insurance and risk management, pure risk is characterized by situations that can only result in a loss or no change; there is no possibility of gaining or profiting from the situation. For example, the risk of a house burning down represents pure risk because the only potential outcomes are the loss of the property or no loss occurring at all.

In contrast, speculative risk involves a situation where there is a chance of loss as well as the possibility of gain, such as investing in the stock market. Calculated risk refers to a risk that has been assessed and is deemed manageable, often involving strategic decision-making. Pandemic risk describes risks associated with widespread health issues, but again does not focus solely on loss. Thus, pure risk is the correct answer as it aligns precisely with the definition of a chance of loss only.