New insurance company proposal
In individual health insurance, which is underwritten, the issuance of a policy, and the premium for the policy, are based on the facts, as expressed in the application and verified with some tests. A significant claim can cause the application to be reexamined, and sometimes, material differences can be discovered, leading to the policy being canceled. This process, called rescission, is a protection against fraud, but honest mistakes can lead to rescission as well. However, it is important for insurance, which is priced based on expectation of claims given underwriting guidelines, to meet these guidelines.
As a crazy idea, I suggest a private individual, one dissatisfied with the existence of rescission, found an insurance company to honor these original contracts. I nominate Warren Buffett, whose conglomerate has insurance experience.