Arkansas Life and Health Insurance Practice Exam

All of the following are parties to a life insurance contract, except:

1. The applicant

2. The beneficiary

3. The insured

4. The insurance company

The correct answer is: The applicant

In a life insurance contract, the parties involved are typically the policyholder (who is also often the applicant), the insurer (insurance company), and the insured (the person whose life is being insured). The beneficiary is not considered a party to the contract but rather the recipient of the policy benefits upon the death of the insured. Therefore, the correct answer is A, the applicant, as they are typically also the policyholder and are actively involved in applying for the insurance policy.