understatement \| ̷ ̷ ̷ ̷| ̷ ̷ ̷ ̷\noun Etymology:under (III) + statement 1.: the act of understanding : a statement below the truth < understatement of population growth > 2.: restrained statement in ironic contrast to what might be said : studied avoidance of emphasis or exaggeration < we have been taught to value terseness and understatement — Irving Howe >