Possibility, n.; pl. Possibilities.
Etymology: [F. possibilité, L. possibilitas.]
1. The quality or state of being possible; the power of happening, being, or existing. "All possibility of error." Hooker. "Latent possibilities of excellence." Johnson.
2. That which is possible; a contingency; a thing or event that may not happen; a contingent interest, as in real or personal estate. South. Burrill.
Shades of meaning
Fernald has no entry of its own for possibility; he lists it under accident, event.
He lists it without comment; the entries above explain its neighbors.