Acting in spite of fear or danger is a key tenet of The Phantom’s morality. His physical courage is reinforced by the Phantom legend that he is immortal. To preserve that legend, he must appear to be capable of meeting any challenge despite extreme risk and danger.
Each generation devotes significant training and conditioning to improve their resilience and preparation for a lifetime of these challenges and through good fortune and good intentions, that is the success of the character. This is about Bravery.
Equally important is the moral courage of The Phantom, and just as physical courage is acting in spite of the fear, Integrity is choosing the hard right over the easy wrong, which The Phantom must always do.
This is more than knowing right from wrong, it is making the correct decision when faced with an ethical dilemma which asks him to compromise his chosen values: Truth v Loyalty; Short Term Good v Long Term Good; Individual v Group; Justice v Mercy. This is about Honour.