Lives dangerously initially in new series (7)
I believe the answer is:
resides
'lives' is the definition.
(residing is a kind of living)
'dangerously initially in new series' is the wordplay.
'initially' suggests taking the first letters.
'in' means one lot of letters goes inside another.
'new' indicates an anagram.
The first letter of 'dangerously' is 'd'.
'series' is an anagram of 'resies'.
'd' put into 'resies' is 'RESIDES'.
(Other definitions for resides that I've seen before include "stayed in Scotland" , "stays in Peebles" , "Lives, dwells" , "stays required" , "Sojourns" .)