(an instance of) a possibility or chance (of meeting danger, suffering loss, injury etc)
chance taken
Cases of word usage
1) an agreement to risk money etc on an event of which the result is doubtful (bet)
2) the type, amount, of risk in an insurance policy (coverage)
3) incapable of failure, involving no risk (foolproof)
4) (an attempt or activity with) a risk of loss or a chance of profit; to play games to try to win money (gamble)
5) without caring about the risk of injury or punishment (impunity)
6) (an instance of) care taken in advance to avoid a risk (precaution)
7) an undertaking in which there is risk; to take the risk of danger or loss; to dare (to do, say, (something)) (venture)