. All of the following are parties to a life insurance contract EXCEPT: I. Insurer II. Underwriter III. Beneficiary IV. Owner V. Insured . c − A beneficiary and the underwriter are not parties to a life insurance contract. An insured may be, but is not necessarily a party. A wife (owner) can take a policy out on her husband (insured), yet the husband is not a party to the insurance contract.