The Collaborative International Dictionary of English v.0.48:

Teraphim \Ter"a*phim\, n. pl. [Heb. ter[=a]ph[imac]m.]
   Images connected with the magical rites used by those
   Israelites who added corrupt practices to the patriarchal
   religion. Teraphim were consulted by the Israelites for
   oracular answers. --Dr. W. Smith (Bib. Dict.).
   [1913 Webster]

Easton's 1897 Bible Dictionary:

Teraphim
   givers of prosperity, idols in human shape, large or small,
   analogous to the images of ancestors which were revered by the
   Romans. In order to deceive the guards sent by Saul to seize
   David, Michal his wife prepared one of the household teraphim,
   putting on it the goat's-hair cap worn by sleepers and invalids,
   and laid it in a bed, covering it with a mantle. She pointed it
   out to the soldiers, and alleged that David was confined to his
   bed by a sudden illness (1 Sam. 19:13-16). Thus she gained time
   for David's escape. It seems strange to read of teraphim, images
   of ancestors, preserved for superstitious purposes, being in the
   house of David. Probably they had been stealthily brought by
   Michal from her father's house. "Perhaps," says Bishop
   Wordsworth, "Saul, forsaken by God and possessed by the evil
   spirit, had resorted to teraphim (as he afterwards resorted to
   witchcraft); and God overruled evil for good, and made his very
   teraphim (by the hand of his own daughter) to be an instrument
   for David's escape.", Deane's David, p. 32. Josiah attempted to
   suppress this form of idolatry (2 Kings 23:24). The ephod and
   teraphim are mentioned together in Hos. 3:4. It has been
   supposed by some (Cheyne's Hosea) that the "ephod" here
   mentioned, and also in Judg. 8:24-27, was not the part of the
   sacerdotal dress so called (Ex. 28:6-14), but an image of
   Jehovah overlaid with gold or silver (comp. Judg. 17, 18; 1 Sam.
   21:9; 23:6, 9; 30:7, 8), and is thus associated with the
   teraphim. (See THUMMIM.)


Hitchcock's Bible Names Dictionary (late 1800's):

Teraphim, images; idols