Every motor vehicle liability policy shall be subject to the following provisions, which need not be contained therein:
(a) The liability of the insurance carrier with respect to the insurance required by this chapter becomes absolute whenever injury or damage covered by the policy occurs.
(b) The policy may not be canceled or annulled, as to the liability of the insurance carrier regarding insurance required by this chapter, by any agreement between the insurance carrier and the insured, or on the insured’s behalf.
(c) No violation of a policy may defeat or void the policy.
(d) The satisfaction, by the insured, of a judgment for injury or damage, may not be a condition precedent to the right or duty of the insurance carrier to make payment on account of such injury or damage.
(e) The insurance carrier has the right to settle any claim covered by the policy, and if such settlement is made in good faith, the amount thereof is deductible from the limits of liability specified in paragraphs (2) and (3) of 22.2003.
(f) The policy, the written application there-for, if any, and any rider or endorsement which does not conflict with the provisions of this chapter, constitute the entire contract between the parties.History: 1972, PL 12-65 § 1.