These are some really good responses and several of you have the concepts down. My intent with this thread is to help players to understand these concepts as clearly as possible. While this doesn't apply to "all" scenarios, it does apply to most. Many cabal imms have helped to outline the boundaries in both the Tablet, Plaque and designs of the Village. I'll do my best to break this down into three parts.

Courage is -
 the capacity that enables a character to face difficulty, pain, weakness, disadvantages etc., despite fear; to the BattleRager cabal this is in every sense risk vs reward.

You display Courage when -
 moments demand it. Not always, as this will desensitize you to the concept. You must ask yourself, is there a risk? Is success remotely possible? >10% is reasonable. What is the reward if I succeed? If the answer to these areyes, a BattleRager should proceed.

Audience - Your peers.
 You do not define Courage. Your personal characteristics, flaws, class combination, weaknesses, shortcomings and disadvantages will help to define this. You are the performer and your audience will react to your display. In these instances, Courage will become visible to your audience. In this, your audience helps to define Courage.

 Risk vs Reward – there must be reasonably high risk and high reward in order to display Courage. Reasonable risk means that there must be a threat to your welfare. The outcome of the incident could prove fatal, discouraging and possibly damaging but you choose to address it regardless. This reasonable risk should not border recklessness. The will to survive and succeed should always exist.

Examples of Courage:
 Killing an enemy at their Inner Guardians.
 Killing multiple enemies within their own cabal.
 Facing an opponent that has a significant class or racial advantage against you.
 Succeeding when the odds are stacked greatly against you. Retrievals and surprise raids.

When displaying Courage you should never be able to predict the outcome.