Which of the following situations would fall under speculative risk?

Speculative risk refers to situations where there is the potential for both gain and loss. Investment in stocks is a prime example of speculative risk because the investor might earn a profit when the stock value goes up or incur a loss if the stock value goes down. This type of risk involves uncertainty and is typically associated with endeavors where outcomes can lead to significant financial gain, as well as potential financial loss.

The other situations generally involve pure risks, where the outcomes are limited to either loss or no loss. For instance, theft of property results in a definite loss with no potential for financial gain. Similarly, natural disasters usually lead to property damage or loss without any possibilities for gain, and loss of employment is also a scenario where the outcome is purely negative, resulting in financial instability without the potential for profit.