§47-7-324.

§47-7-324.
   
   (a) Certification. A "motor vehicle liability policy" as the term is
   used in this article shall mean an "owner's policy" or an "operator's
   policy" of liability insurance, certified as provided in Section 7-321
   or Section 7-322 of this title as proof of financial responsibility,
   and issued, except as otherwise provided in Section 7-322 of this
   title, by an insurance carrier duly authorized to transact business in
   this state, to or for the benefit of the person named therein as
   insured.
   
   (b) Owner's policy. Such owner's policy of liability insurance:
   
   1. Shall designate by explicit description or by appropriate reference
   all vehicles with respect to which coverage is thereby to be granted;
   and
   
   2. Shall insure the person named therein and any other person except
   as herein provided, as insured, using any such vehicle or vehicles
   with the express or implied permission of such named insured, against
   loss from the liability imposed by law for damages arising out of the
   ownership, maintenance or use of such vehicle or vehicles within the
   United States of America or the Dominion of Canada, subject to limits
   exclusive of interest and costs, with respect to each such vehicle, as
   follows: Ten Thousand Dollars ($10,000.00) because of bodily injury to
   or death of one person in any one accident and, subject to said limit
   for one person, Twenty Thousand Dollars ($20,000.00) because of bodily
   injury to or death of two or more persons in any one accident, and Ten
   Thousand Dollars ($10,000.00) because of injury to or destruction of
   property of others in any one accident.
   
   3. May by agreement in a separate written endorsement between any
   named insured and the insurer exclude as insured any person or persons
   designated by name from coverage under the policy.
   
   (c) Operator's policy. Such operator's policy of liability insurance
   shall insure the person named as insured therein against loss from the
   liability imposed upon him by law for damages arising out of the use
   by him of any motor vehicle not owned by him, within the same
   territorial limits and subject to the same limits of liability as are
   set forth above with respect to an owner's policy of liability
   insurance.
   
   (d) Required statements in policies. Such motor vehicle liability
   policy shall state the name and address of the named insured, the
   coverage afforded by the policy, the premium charged therefor, the
   policy period and the limits of liability, and shall contain an
   agreement or be endorsed that insurance is provided thereunder in
   accordance with the coverage defined in this chapter as respects
   bodily injury and death or property damage, or both, and is subject to
   all the provisions of this title.
   
   (e) Policy need not insure workmen's compensation. Such motor vehicle
   liability policy need not insure any liability under any workmen's
   compensation law nor any liability on account of bodily injury to or
   death of an employee of the insured while engaged in the employment,
   other than domestic, of the insured, or while engaged in the
   operation, maintenance or repair of any such vehicle nor any liability
   for damage to property owned by, rented to, in charge of or
   transported by the insured.
   
   (f) Provisions incorporated in policy. Every motor vehicle liability
   policy shall be subject to the following provisions which need not be
   contained therein:
   
   1. The liability of the insurance carrier with respect to the
   insurance required by this title shall become absolute whenever injury
   or damage covered by said motor vehicle liability policy occurs; said
   policy may not be canceled or annulled as to such liability by any
   agreement between the insurance carrier and the insured after the
   occurrence of the injury or damage; no statement made by the insured
   or on his behalf and no violation of said policy shall defeat or void
   said policy.
   
   2. The satisfaction by the insured of a judgment for such injury or
   damage shall not be a condition precedent to the right or duty of the
   insurance carrier to make payment on account of such injury or damage.
   
   3. The insurance carrier 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 deductible from the limits of liability
   specified in paragraph 2 of subsection (b) of this section.
   
   4. The policy, the written application therefor, if any, and any rider
   or endorsement which does not conflict with the provisions of this
   title shall constitute the entire contract between the parties.
   
   (g) Excess or additional coverage. Any policy which grants the
   coverage required for a motor vehicle liability policy may also grant
   any lawful coverage in excess of or in addition to the coverage
   specified for a motor vehicle liability policy and such excess or
   additional coverage shall not be subject to the provisions of this
   title. With respect to a policy which grants such excess or additional
   coverage, the term "motor vehicle liability policy" shall apply only
   to that part of the coverage which is required by this section.
   
   (h) Reimbursement provision permitted. Any motor vehicle liability
   policy may provide that the insured shall reimburse the insurance
   carrier for any payment the insurance carrier would not have been
   obligated to make under the terms of the policy except for the
   provisions of this title.
   
   (i) Proration of insurance permitted. Any motor vehicle liability
   policy may provide for the prorating of the insurance thereunder with
   other valid and collectible insurance.
   
   (j) Multiple policies. The requirements for a motor vehicle liability
   policy may be fulfilled by the policies of one or more insurance
   carriers which policies together meet such requirements.
   
   (k) Binders. Any binder issued pending the issuance of a motor vehicle
   liability policy shall be deemed to fulfill the requirements for such
   a policy.