Some investors are striking back, saying that insurers encouraged sales to investors and that the industry called attention to the practice only when its profits were less than expected. Investors want insurers to honor the policies or refund all premiums they have paid. Some seek punitive damages.
So insurance isn't "speculating"? Says who? Who are insurers kidding? Isn't that what insurance is all about? The insurer is like the" house" at a casino. Insurance companies bet you will not die, not wreck your car, or will not get sick, etc, and the insured bets that he will die or will wreck the car, and will get sick!
Can you imagine what would happen in Las Vegas if the casino said, "Hey these games are for entertainment only; we should not have to pay off because some gamblers are good at it!"