Final answer:
The underwriter, who evaluates and decides the terms of insurance proposals, is not a party to a life insurance contract. The parties in such a contract are the insurer, owner, insured, and beneficiary.
Step-by-step explanation:
In a life insurance contract, there are several parties involved, including the insurer, which is the insurance company that provides the life insurance policy, the owner who is the person that pays for the policy and has control over it, the insured, who is the individual whose life is covered by the policy, and the beneficiary, who is the person or entity designated to receive the death benefit upon the death of the insured. However, the underwriter is not considered a party to the insurance contract; rather, the underwriter is an employee or representative of the insurer responsible for evaluating and deciding the terms of insurance proposals. Therefore, the underwriter is not a party to the contract but is involved in the risk assessment and policy issuance process.