What is the minimum insurance coverage an applicant must provide for a license?

The minimum insurance coverage an applicant must provide for a license adheres to specific regulatory standards that define the required levels of protection to ensure that the applicant is financially responsible. The correct answer states the comprehensive amounts of coverage needed, which includes $100,000 per person, $300,000 per occurrence, and $100,000 for property damage.

This option is correct because it meets the general industry standards that typically require a balance between personal injury coverage and property damage coverage. The $100,000 per person provides coverage for medical expenses, lost wages, and other damages for individual claims. The $300,000 per occurrence is crucial as it protects against the total payouts that could arise from a single incident, ensuring that there are sufficient funds to cover multiple claims if necessary. Additionally, the $100,000 for property damage ensures that there is coverage for damage to other people's property resulting from the licensee's activities.

This comprehensive approach guarantees that the applicant has adequate financial backing to handle various potential liabilities effectively, thereby protecting both the public and the licensee.