Well, I suppose anything is possible. I mean, look at the terrorist attacks that happened here 3 years ago. Apparently people view human life differently. You say it's priceless, and Osama Bin Laden thinks it to be his GOAL to kill as many of us Americans as possible. So, in essence, the article you read COULD HAVE happened. Now, I'll tell you why I think it didn't.
Each ship registered with the White Star Line had a name, as you know, and each ship name was given a specific humber specifically for the purpose of identification. It's kinda like cars, each one has a VIN number. Now, I can't remember the Titanic's number off the top of my head, but, when they found the wreck of titanic they did ID the ship by the number on her hull. It was indeed the Titanic.
Also, the Titanic and Olympic did look somewhat alike, but keep in mind, decorations were almost completely different. I mean, if they wanted to sink the Titanic to collect on insurance and switch the names to make people think it was the Olympic, they'd have to pay the people who made it off. All the woodworkers and such would freak out as soon as the press of the day released pictures of the Titanic. The people that worked on it would go straight to the press and say "Wait!! I worked on the Titanic, and that's not her!!"
They'd spend more money paying people off to be quiet about it then they would get back in insurance. So, it wouldn't have been worth it!