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Hope Haven Foundation (HHF), a non-profit charity, is the owner and sole beneficiary of a life insurance policy on the life of its executive director, Ms. Ana Rivera. The policy was obtained to fund a planned expansion of HHF’s programs in the event of Rivera’s death, and HHF pays all premiums. Rivera consents to the policy. Seven years after issuance, Rivera dies and HHF seeks to collect the policy proceeds from the insurer. The insurer refuses, asserting lack of insurable interest.   (a)Identify the controlling doctrine governing the validity of this life-insurance contract and explain how HHF’s designation as owner/beneficiary affects Rivera’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 contract valid? Is HHF entitled to the proceeds? What defenses may the insurer raise?