No such license shall be issued until and unless the applicant therefor, in addition to all other requirements set forth, shall file and maintain with the director evidence of a satisfactory vehicle liability insurance policy, covering all vehicles to be operated by the applicant in such business, in the amount of not less than three hundred thousand dollars ($300,000.00) for each person injured or killed and in the amount of not less than five hundred thousand dollars ($500,000.00) in the event of injury or death of two (2) or more persons in any single accident and in the amount of not less than twenty-five thousand dollars ($25,000.00) for damage to property. Alternatively, an applicant may obtain a combined single limit policy of not less than five hundred thousand dollars ($500,000.00) with an umbrella policy covering personal injury and property damage in an amount not less than one million dollars ($1,000,000.00). Such policy may be written to allow the first one thousand dollars ($1,000.00) of liability for damage to property to be deductible. Should any such policy be canceled, the director shall be notified of such cancellation by the insurance carrier in writing not less than ten (10) days prior to the effective date of such cancellation and provisions to that effect shall be incorporated in such policy, which shall also place upon the company writing such policy the duty to give such notice.