The current implementation is correct. According to the
'92 std (remembering that the default default value of
a column is null) the procedure for constructing a new
row is (conceptually)

  1. Construct a row containing the default value for
     each column.
  2. For each column value specified in the values
     clause, replace the default value in the
     corresponding column of the new row with the
     specified value.  There is no exception for a
     specified value of null.

Regards

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