Pure Risk involve only a chance of loss.There is only possibility of loss but no possibility of profit.
According to Brigham and Others,” Pure risks are that offer only the prospect of a loss. Examples include the risk that a plant will be destroyed by fire or that a product liability suit will result in a large Judgment against the firm.”
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The term Acceptance means an undertaking by the drawee (who then becomes the “acceptor”), of a Bill of Exchange to pay to the person presenting the bill.