Final answer:
Non-insurable is the characteristic that is not true for all pure risks, as pure risks can be insurable. Pure risks are occurrence economic risks that individuals can't control, and insurance exists to mitigate these risks despite imperfect information.
Step-by-step explanation:
All of the following are characteristics of pure risks, except:
- Property risks
- Only a chance of loss and not the potential for gain.
- Liability risks
- Non-insurable
Pure risks are types of occurrence economic risks which an individual has very little control over, such as natural disasters, wars, or massive unemployment. When it comes to insurance, the idea is to shield individuals from these risks by ensuring they can meet their needs in the wake of unforeseen events. However, all insurance is predicated on dealing with imperfect information about the future and individual risk levels. While certain types of pure risks like property and liability can be insured against, not all pure risks are insurable. Thus, the correct answer to the question is Non-insurable. Some pure risks cannot be insured because they are too widespread, too catastrophic, or too unpredictable, which doesn't align with the way insurance operates.