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NovaTech Dynamics, Inc. seeks financing by obtaining a PHP 200,000,000 life insurance policy on the life of its founder and chief technology officer, Dr. Kai Santos. NovaTech is the policy owner and sole beneficiary. MetroBank is named collateral assignee of the policy proceeds to secure a PHP 150,000,000 loan. Santos signs a policy consent. The policy face value is PHP 320,000,000. After Santos dies, MetroBank demands payment; the insurer refuses, citing lack of insurable interest at policy issuance. (a) Identify the controlling doctrine governing the validity of this life-insurance contract and the effect of the collateral assignment on the insured's insurable interest. (b) Explain whether insurable interest must exist at the time of policy issuance, at the time of loss, or both, and distinguish the rule for life vs. property insurance. (c) Apply to the facts: Is the policy valid? Is MetroBank entitled to the proceeds, to what extent, and what defenses may the insurer raise?