Adverse selection that may exist in the current livestock insurance programs in Korea is analyzed empirically in this paper. A pig producer's preference model is designed and estimated using a survey data. The results indicate that there does not exist adverse selection in the main contract of the current pig insurance program. The results also show that there exists adverse selection in the disease special contract. Some devices that may prevent adverse selection are derived and presented. The findings of this paper could be an important information to reform the livestock insurance programs.