Witt called the episode "a very sad and unfortunate event".
He added, "I sincerely hope to avoid such an unfortunate event".
It is not just that higher prices mean more to lose from an unfortunate event.
But critical illness policies designed to pay out in this unfortunate event can be very expensive.
"Despite all of our precautions," he said, "this unfortunate event occurred".
"It is an unfortunate event, but the City of New York did not cause it," he told the jury.
The aim is not to generate long-term returns, but to hedge against some unlikely yet costly and unfortunate event.
It means that if an unfortunate event happens, like an illness or an accident, the loan obligation is automatically reduced.
You can now scroll backward through time until the window looks as it did before the unfortunate event.
Only then can some unfortunate event like a natural disaster, or an electrical short, threaten the whole system.
While most are current in payments, many of them are just one unfortunate event away from default.
