That is only within the context of economics. Outside of that it is fine to use the common literal meaning. Professions don't get to dictate that their jargon is used by the rest of us, even if they coin the phrase.
I don't think that's the case; "moral hazard" doesn't have a conventional colloquial meaning. If you use the term outside it's technical meaning you're just going to confuse people.
It does the same way that “green house” has a conventional colloquial meaning, i.e. a house that’s green. If underwater basket weavers start calling their thimbles “green houses” i will continue to put those two words and quite frankly any words i want in any order that conveys meaning to others without concern for what niches might stamp their feet about it