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Manny, a private individual with no family, financial, or business tie to Tito, purchases a life insurance policy on Tito’s life. Manny is named the owner and sole beneficiary, and he alone pays the premiums. Tito has no insurable interest in Manny’s life, and there is no legitimate reason for Manny to insure Tito’s life. After Tito dies, Manny seeks to collect the policy proceeds.   (a)Identify the controlling doctrine governing the validity of this life insurance contract and why Manny’s lack of insurable interest may render the contract unenforceable. (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 the doctrine to the facts: is the policy contract valid? Is Manny entitled to the proceeds? What defenses may the insurer raise?