Which type of risk refers to the chance or loss of grain and is not insurable?

Speculative risk is characterized by the potential for gain or loss and involves situations where the outcomes could lead to profit or loss based on certain activities or decisions. In the context of agriculture, speculative risks are related to market fluctuations, price changes, or the potential for commodity prices to rise or fall, which are inherent in farming activities.

In contrast, pure risk refers to risks that involve only the possibility of loss, such as natural disasters affecting crops or other types of unavoidable incidents. These risks are insurable, as they do not offer any potential for profit; the focus is solely on protecting against loss.

Insurable risk covers those risks that can be protected through insurance. Managed risk involves strategies to reduce the risk's impact but does not imply it is inherently insurable.

Therefore, in the context of grain loss, which is a scenario tied to pure risk, speculative risk would be the correct identification here as it distinguishes the uncertainties of loss without the insurance component.