Legal analysis: Generally speaking, the first beneficiary of insurance will be a bank or financial company when buying a car with a loan. Because the property right of the loan vehicle is mortgaged to the bank or financial company. If the borrower fails to repay the loan as agreed, the bank or financial company has the right to dispose of the vehicle. Because the car is a special kind of collateral, accidents, large and small, will inevitably occur during driving. In order to prevent the following problems, banks or financial companies require that the first beneficiary of insurance is the bank.

Legal basis: Article 18 of People's Republic of China (PRC) Insurance Law shall include the following contents:

(1) The name and domicile of the insurer.

(2) Names and domiciles of the applicant and the insured, and names and domiciles of beneficiaries of life insurance.

(3) the subject matter insured.

(4) Insurance liability and exemption from liability;

(5) The insurance period and the start time of insurance liability;

(6) the insured amount;

(7) Insurance premium and payment method;

(8) Measures for compensation or payment of insurance benefits;

(9) Liability for breach of contract and dispute settlement methods;

(10) The year, month and day when the contract was concluded.

The applicant and the insurer may agree on other insurance-related matters.

Beneficiary refers to the person who is designated by the insured or the applicant to have the right to claim insurance money in the life insurance contract. The applicant and the insured can be beneficiaries.

The insured amount refers to the maximum amount of the insurer's liability for compensation or payment of insurance benefits.