un·der·state·ment

[uhn-der-steyt-muhnt, uhn-der-steyt-]
noun
the act or an instance of understating, or representing in a weak or restrained way that is not borne out by the facts: The journalist wrote that the earthquake had caused some damage. This turned out to be a massive understatement of the devastation.

Origin:
under- + statement

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Based on the Random House Dictionary, © Random House, Inc. 2013.
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World English Dictionary
understatement (ˌʌndəˈsteɪtmənt) [Click for IPA pronunciation guide]
 
n
the act or an instance of stating something in restrained terms, or as less than it is

Collins English Dictionary - Complete & Unabridged 10th Edition
2009 © William Collins Sons & Co. Ltd. 1979, 1986 © HarperCollins
Publishers 1998, 2000, 2003, 2005, 2006, 2007, 2009
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00:10
Understatement is always a great word to know.
So is slumgullion. Does it mean:
a calculus or concretion found in the stomach or intestines of certain animals, esp. ruminants, formerly reputed to be an effective remedy for poison.
a stew of meat, vegetables, potatoes, etc.
Etymonline
Word Origin & History

understatement
1799, from under + statement. Understated, with ref. to clothing, is recorded from 1957.
Online Etymology Dictionary, © 2010 Douglas Harper
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American Heritage
Cultural Dictionary

understatement definition


A form of irony in which something is intentionally represented as less than it is: “Hank Aaron was a pretty good ball player.”

The American Heritage® New Dictionary of Cultural Literacy, Third Edition
Copyright © 2005 by Houghton Mifflin Company.
Published by Houghton Mifflin Company. All rights reserved.
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Example sentences
Because he knows how to speak through understatement.
To call it an ambivalent relationship would be understatement.
Draft frequently asked questions on large corporate understatement.
It would be an understatement to say that both ventures were treated with
  scepticism.
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