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.