Definitions from Black's Law Dictionary: 2nd Edition and Ballentine's Law Dictionary as are available for each term in each dictionary.
  • Ballentine's Law Dictionary

    To wager. See 37 Tenn. 438; a risk. See 14 Colo. 499, 20 Am. St. Rep. 281, 24 Pac. 333.

  • Black's Law Dictionary: 2nd Edition

    1. In old English law. An unlawful game at dice, those who play at it being called "hazardors." Jacob.
    2. In modern law. Any game of chance or wagering. Cheek v. Com., 100 Ky. 1, 37 S. W. 152; Graves v. Ford, 3 B. Mon. (Ky.) 113; Somers v. State, 5 Sneed (Tenn.) 43&
    3. In insurance law. The risk, danger, or probability that the event insured against may happen, varying with the circumstances of the particular case. See State Ins. Co. v. Taylor, 14 Colo. 499, 24 Pan. 333, 20 Am. St. Rep. 281.
    —Moral hazard. In fire insurance. The risk or danger of the destruction of the insured property by fire, as measured by the character and interest of the insured owner, his habits as a prudent and careful man or the reverse, his known integrity or his bad reputation. and the amount of loss he would suffer by the destruction of the property or the gain he would make by suffering it to bum and collecting the insurance. See Syndicate Ins. Co., v. Bohn. 65 Fed. 170, 12 C. a A. 531, 27 In R. A. 614.