Who Are The Legal Parties To A Life Insurance Contract? 
The insurance company admitted in your state to do business there as a life insurer is a party to the contract and issues the contract . In addition , there is the policy owner who holds all policy ownership rights and accepts the contract . The contract is between these two parties . The life insured , who may also be the owner , is a participant who must consent to the policy . The beneficiary -LRB- or beneficiaries -RRB- is the party that receives the proceeds the death of the insured . 