Not very likely, for the reason you stated.
To get insurance on someone you need an insurable interest. Typically you'd be the spouse or a dependent of the applicant, so you'd have lost something if he died. Otherwise people could buy a policy on a guy and kill the insured.
In any event, with AIDS etc. every insurance company underwrites every applicant for any signicant amount of insurance -- and the guy would have to sign a medical form and take a physical and blood test, and may be ininsurable.
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