734 ARTICLE 56.

personal or real property other than goods carried arising out of the opera-
tion in this State of said motor vehicle up to at least $1, 000 in any one
accident

(2) Or an insurance policy as follows: An insurance policy in a form
to be approved by the Commissioner of Motor Vehicles in a company duly
licensed to do business in this State, which will insure the owner against
any judgment which may be recovered against the owner of the motor
vehicle for death or personal injury to any person or persons other than
passengers arising out of the operation in this State of said motor vehicle
up to at least $5, 000 for any one person in any one accident, and up to at
least $10, 000 total liability for two or more persons in any one accident,
and which will insure the owner against any judgment which may be re-
covered against him for damage to personal or real property other than
goods carried arising out of the operation in this State of said motor
vehicle up to at least $1, 000 in any one accident; provided, however, that
owners who file with the Commissioner of Motor Vehicles satisfactory-
proof of their financial ability to pay any judgment rendered against them
as aforesaid shall not be required to provide either a bond or the insurance
policy mentioned in the preceding section.

(c) The liability of the obligor under the bond or the insurer under the
insurance policy herein provided for shall become absolute whenever loss
or damage covered by such bond or policy occurs, and the satisfaction by
the owners of a final judgment for such loss or damage shall not be a con-
dition precedent to the right or obligation of the said obligor or insurer to,
make payment on account of such loss or damage, provided always that
the obligor or insurer shall have the right to settle any claim covered by
the policy, and if such settlement is made in good faith the amount thereof
shall be deductable from the limits of liability specified in the bond or
policy. Any cancellation or annulment shall be void unless the Commis-
sioner of Motor Vehicles shall be notified by the obligor or insurer of said
cancellation or annulment at least thirty (30) days before the effective
date of such cancellation or annulment, and until such notice shall be duly
given such bond or policy shall continue in full force and effect, and if any
bond or policy certified under the provisions of this Section shall expire,,
the Commissioner shall be notified at least thirty (30) days before the effec-
tive date of such expiration, and until such notice shall be duly given such
bond or policy shall continue in full force and effect, provided, however,
that no bond or policy shall be cancelled or annulled as respects any loss
or damage by any agreement between the obligor or insurer and the owner
after the owner has become responsible for such loss or damage. When
any bond or policy of an owner has been cancelled, annulled or has ex-
pired, the Commissioner of Motor Vehicles shall revoke the permit of
such owner unless, before the effective date of the cancellation, annulment
or expiration of such bond or policy another bond or policy is secured and
certified copy thereof is filed according to the provisions of this Section.

(d) The Commissioner of Motor Vehicles shall issue the permit pro-
vided for in this section upon compliance with the conditions hereof. There;