$37$ Stan purchased a policy on the life of his wife, Mary, payable to their son, Stephen. Which of the following statements is true?

a$)$ Stan is the insured, Mary is the policyowner, and Stephen is the beneficiary.

b$)$ Stan is the policyowner, Mary is the life insured, and Stephen is the beneficiary.

c$)$ Stan is the beneficiary, Mary is the insured, and Stephen is the policyowner.

d$)$ Stan is the insured, Mary is the beneficiary, and Stephen is the policyowner.