By Way of Deception

A Jewish Joke:

Two Jewish businessmen were discussing insurance. "You need fire insurance, burglary insurance and flood insurance."
"The fire and theft and burglary I can understand," said the other, "but the flood insurance?
 How in hells name   do you start a flood?"

Do I have to elaborate on the meaning of this Jewish  joke, its take on Jewish ethics or tribal honesty?  As far as the joke can tell, for the Jew to commit a fraud and to rob a Goy insurer is an appropriate activity. It is amusing and even kosher.