For the purpose of this subchapter, the following definitions shall apply unless the context clearly indicates or requires a different meaning.
COMPULSORY INSURANCE LAW. The law requiring liability insurance in conjunction with the
operation of a motor vehicle in this state as found in O.S. Title 47, Chapter 7, Article VI.
OPERATOR’S POLICY. An operator’s policy of liability insurance shall insure the named person against loss from the liability imposed upon him or her by law for damages arising out of the operation or use by him or her of any motor vehicle not owned by him or her, subject to the same limits of liability required in an owner’s policy.
OWNER’S POLICY. An 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;
(2) Shall insure the person named therein and insure any other person, except as provided in subsection (3) below, using an insured vehicle with the express or implied permission of the named insured against the loss from the liability imposed by law for damages arising out of the ownership, maintenance, operation or use of such vehicle;
(3) May provide for exclusions from coverage in accordance with existing laws; and
(4) Shall be issued by an authorized carrier providing coverage in accordance with 47 O.S. § 7-204.
SECURITY. This term means:
(1) A policy or bond meeting the requirements of 47 O.S. § 7-204;
(2) A deposit of cash or securities having the equivalency of limits required under 47 O.S. § 7-204 as acceptable limits for a policy or bond; or
(3) Self-insurance, pursuant to the provisions of 47 O.S. § 7-503, having the equivalency of limits required under 47 O.S. § 7-204 as acceptable limits for a policy or bond.
SECURITY VERIFICATION FORM. A form, approved by the State Board for Property and Casualty Rates, verifying the existence of security required by the Compulsory Insurance Law of the State of Oklahoma.
(`85 Code, § 22-101)