In secret, an unemployed man with poor job prospects uses his savings to buy a large term life insurance policy, and designates a charity as the beneficiary. Two years after the policy is purchased, it will pay out in the event of suicide. The man waits the required two years, and then kills himself, much to the dismay of his surviving relatives. The charity receives the money and saves the lives of many people who would otherwise have died.
Are the actions of this man admirable or shameful?
Now I've thought more about it, if there's nothing in the agreement about suicide being intended at the time of application, then I think you're right.
I think of insurance policies as having clauses in about revealing any information that might affect the likelihood of a claim, but I can understand why that might not apply to life insurance policies.