Most of us are fairly familiar with the fact that the word "all" is used in a restrictive sense to either mean all kinds, all the wicked, or all the elect. Please give the following observation some thought.

In Romans 5 it is clear that verses 1-11 are referring exclusively to God's elect:

Romans 5:1-11  Therefore being justified by faith, we have peace with God through our Lord Jesus Christ: {2} By whom also we have access by faith into this grace wherein we stand, and rejoice in hope of the glory of God. {3} And not only so, but we glory in tribulations also: knowing that tribulation worketh patience; {4} And patience, experience; and experience, hope: {5} And hope maketh not ashamed; because the love of God is shed abroad in our hearts by the Holy Ghost which is given unto us. {6} For when we were yet without strength, in due time Christ died for the ungodly. {7} For scarcely for a righteous man will one die: yet peradventure for a good man some would even dare to die. {8} But God commendeth his love toward us, in that, while we were yet sinners, Christ died for us. {9} Much more then, being now justified by his blood, we shall be saved from wrath through him. {10} For if, when we were enemies, we were reconciled to God by the death of his Son, much more, being reconciled, we shall be saved by his life. {11} And not only so, but we also joy in God through our Lord Jesus Christ, by whom we have now received the atonement.
Certainly none of these blessings come upon those who are not God's elect. So we conclude that the audience to which Paul refers in vv.1-11 is that which consists of believers. Therefore the audience is restricted to believers.

Consider this reverse observation of the rest of the chapter beginning with the last verse

Romans 5:21  That as sin hath reigned unto death, even so might grace reign through righteousness unto eternal life by Jesus Christ our Lord.
Grace only reigns in the elect (i.e. believers). Previous to that outpouring of grace, death reigned in the elect unto death. Again, the context is still referring to the elect. Consider verse 20:
Romans 5:20  Moreover the law entered, that the offence might abound. But where sin abounded, grace did much more abound:
Grace only abounds in the elect (the believer), but previous to that, to those same elect, the law once entered that the offence might abound. So then, again, we see the audience in both sides of the converse conditions as the elect. The next verses (still continuing in reverse order) can be more perplexing, however, if we apply the same hermeneutic, it seems to be very evident that the same group of the elect are still being addressed:
Romans 5:19  For as by one man's disobedience many were made sinners, so by the obedience of one shall many be made righteous.
Again, there is the first man (first covenant man), through whom the "many" who were made righteous were first made sinners. The next verse would be even more difficult unless we continued applying this hermeneutic:
Romans 5:18  Therefore as by the offence of one judgment came upon all men to condemnation; even so by the righteousness of one the free gift came upon all men unto justification of life.
Certainly not "all" are justified to life. This is not a mere possibility. This is a decree of God-"The free gift came upon all men unto justification of life. Another translation reads more forcefully:
Romans 5:18  Therefore just as one man's trespass led to condemnation for all, so one man's act of righteousness leads to justification and life for all. (NRSV).
And yet another translation reads:
Romans 5:18 Therefore, as through one man's offense judgment came to all men, resulting in condemnation, even so through one Man's righteous act the free gift came to all men, resulting in justification of life. NKJV
The decreed result is clear: "All men would be blessed by one Man's righteous act "resulting in justification of life." The universalist uses this passage to support his position. Those who hold to universal atonement but deny universalism (actual salvation [thus denying the atonement] ) cannot answer this verse. But those who affirm the particular substitutionary sacrifice of Christ on behalf of the elect see that all is used elsewhere in this manner and cannot mean each and every, everywhere. For example:
Matthew 4:24  And his fame went throughout all Syria: and they brought unto him all sick people that were taken with divers diseases and torments, and those which were possessed with devils, and those which were lunatic, and those that had the palsy; and he healed them. (all did not include those in China)
John 3:26  And they came unto John, and said unto him, Rabbi, he that was with thee beyond Jordan, to whom thou barest witness, behold, the same baptizeth, and all men come to him. (all did not include the Pharisees).
John 10:7-8  Then said Jesus unto them again, Verily, verily, I say unto you, I am the door of the sheep.  8  All that ever came before me are thieves and robbers. (all did not include John the Baptist or the prophets or other OC holy men).
Therefore, we cannot conclude that "all" in Romans 5:18 refers to each and every individual that ever lived, for not each and every individual will be saved. Therefore, even though each and every man who has ever existed may be a sinner, the first part of the comparison seems still to be referring to the elect prior to salvation:
Romans 5:18  Therefore as by the offence of one judgment came upon all men to condemnation; even so by the righteousness of one the free gift came upon all men unto justification of life.
That is, the "all" of the second clause seems to be the same all of the first clause, i.e. the elect or believers. Likewise, we see this in the verse above it:
Romans 5:17  For if by one man's offence death reigned by one; much more they which receive abundance of grace and of the gift of righteousness shall reign in life by one, Jesus Christ.)
Here we even have the qualifier included: "They which receive abundance of grace…etc." Again, the same thing in verse 16:
Romans 5:16  And not as it was by one that sinned, so is the gift: for the judgment was by one to condemnation, but the free gift is of many offences unto justification.
And verse 15:
Romans 5:15  But not as the offence, so also is the free gift. For if through the offence of one many be dead, much more the grace of God, and the gift by grace, which is by one man, Jesus Christ, hath abounded unto many.
From my perspective, it definitely appears that "many" and "all" of these passages are referring to the same group of people: elect men and women before and after their salvation. A strong example of this is found here:
Romans 3:23  for all have sinned and fall short of the glory of God
Traditionally this has been thought to apply to each and every single individual that ever lived. Though it may be the case that each and every individual is a sinner, this verse cannot be referring to the non-elect, for the non-elect cannot fall under the category of the very next verse:
Romans 3:24 being justified freely by His grace through the redemption that is in Christ Jesus, NKJV
The non-elect are not justified freely by God's grace through the redemption that is in Christ Jesus. The passage in context reads:
Romans 3:23-24  For all have sinned, and come short of the glory of God; {24} Being justified freely by his grace through the redemption that is in Christ Jesus:
Therefore, we must conclude that the "all" of verse 23 is speaking of the elect. I believe we should apply this same hermeneutic to Romans 5, which we have already done.

In conclusion: If verses 1-11 are clearly referring to the elect; and if verses 15-21 are referring to the elect before and after salvation, then should we not at least attempt to apply this same hermeneutic to vv. 12-14?

Romans 5:12-14  Wherefore, as by one man sin entered into the world, and death by sin; and so death passed upon all men, for that all have sinned: {13} (For until the law sin was in the world: but sin is not imputed when there is no law. {14} Nevertheless death reigned from Adam to Moses, even over them that had not sinned after the similitude of Adam's transgression, who is the figure of him that was to come.
Is it possible that Paul is restrictive in his use of all in verse 12-that it is referring to the elect who would be ultimately justified to life? Is it possible that those over whom death reigned from Adam to Moses were those who were elect who would ultimately be justified to life? Is not the book of Romans about those who would ultimately fall under the category of spiritual Israel and ultimately be justified to life, and therefore Paul is primarily addressing their status before and after their salvation?

The objection might be raised: But what about those who were not elect? Well, first, I think there are plenty of other passages which speak of their state. Second, why raise that objection for Romans 5 if that objection is irrelevant, considering the point Paul is trying to convey?