However, as a general statement, we could say that insurance is not normally available for those risks where the outcome can be a gain. It is easy to see why this should be so. Speculative risks are entered into voluntarily in the hope that there will be gain. There would be very little incentive to work towards achieving this gain if it was known that an would pay up regardless of the effort expended by the Using the terminology of hazard, we could say that there would be a very high risk of moral hazard.