What is a common characteristic of speculative risks that are not covered by insurance?

Speculative risks are characterized by their potential for both loss and gain, making option B the correct choice. Unlike pure risks, which involve the possibility of only loss (such as theft or fire damage), speculative risks allow for a situation where one can either lose money or gain profits. Examples of speculative risks include investments in stocks or starting a new business venture, where the outcome could result in financial gain or loss.

The other options do not correctly capture the essence of speculative risks. While some losses may occur in speculative scenarios, they do not lead to certain losses—the characteristic of uncertainty is vital in speculative contexts. Additionally, while some speculative risks may feel unavoidable due to market forces, they are often influenced by personal choice and strategy. Lastly, speculative risks extend beyond just personal property; they can encompass various sectors, including investments in businesses and real estate, thereby involving broader financial implications.