(b)[ insures the person or classes of persons specified in the policy to the extent specified in sub-section (2)- [Substituted by the Motor Vehicles (Amendment) Act, 1969 (56 of 1969), Section 54 (w.e.f. 2-3-1970).](i)against any liability which may be incurred by him in respect of the death of or bodily injury to any person or damage to any property of a third party caused by or arising out of the use of the vehicle in a public place;(ii)against the death of or bodily injury to any passenger of a public service vehicle caused by or, arising out of the use of the vehicle in a public place]