Jesse Owens, a resident of the United States, purchased his new home by obtaining a mortgage loan from the Perti Bank. He also bought a mortgage insurance policy from the Riviera Insurance Company. Jesse named his wife, Beth, as the beneficiary of the mortgage insurance policy. In this situation, Riviera $($is $/$ is not$)$ a party to the mortgage insurance contract. In the event of Jesse's death, Beth $($is $/$ is not$)$ required to use the proceeds of the mortgage insurance policy to repay the mortgage loan.

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