Lover is a wet, admitting fear ultimately (7)
I believe the answer is:
amorist
'lover' is the definition.
(amorist is a kind of lover)
'a wet admitting fear ultimately' is the wordplay.
'wet' becomes 'moist' ('moist' can be similar in meaning to 'wet'**).
'admitting' indicates putting letters inside.
'ultimately' indicates one should take the final letters.
The final letter of 'fear' is 'r'.
'moist' enclosing 'r' is 'morist'.
'a'+'morist'='AMORIST'
'is' acts as a link.
(Other definitions for amorist that I've seen before include "Lover" , "Ovid, for one" , "Writer on love" , "one loves" .)