For the purposes of this chapter, the words set out in this section shall have the following meanings:
COMPULSORY INSURANCE LAW: The law requiring liability insurance in conjunction with the operation of a motor vehicle in this state as found in article VI, chapter 7 of title 47 of the Oklahoma Statutes.
OPERATOR'S POLICY: An operator's policy of liability insurance shall insure the named person against loss from the liability imposed upon him by law for damages arising out of the operation or use by him of any motor vehicle not owned by him, subject to the same limits of liability required in an owner's policy.
OWNER'S POLICY: An owner's policy of liability insurance:
A. Shall designate by explicit description or by appropriate reference all vehicles with respect to which coverage is thereby to be granted,
B. Shall insure the person named therein and insure any other person, except as provided in subsection D of this section, using an insured vehicle with the express or implied permission of the named insured, against loss from the liability imposed by law for damages arising out of the ownership, maintenance, operation or use of such vehicle,
C. May provide for exclusions from coverage in accordance with existing laws, and
D. Shall be issued by an authorized carrier providing coverage in accordance with section 7-204 of title 47 of the Oklahoma Statutes.
SECURITY: A. A policy or bond meeting the requirements of section 7-204 of title 47 of the Oklahoma Statutes,
B. A deposit of cash or securities having the equivalency of limits required under section 7-204 of title 47 of the Oklahoma Statutes as acceptable limits for a policy or bond, or
C. Self-insurance, pursuant to the provisions of section 7-503 of title 47 of the Oklahoma Statutes, having the equivalency of limits required under section 7-204 of title 47 of the Oklahoma Statutes as acceptable limits for a policy or bond.
SECURITY VERIFICATION FORM: A security verification form is 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. (Ord. 573 §1, 1983)