Okla. Stat. tit. 47 § 7-103

Current through Laws 2024, c. 453.

Section 7-103 - Definitions

The following words and phrases when used in Title 47 of the Oklahoma Statutes shall have the meanings respectively ascribed to them in this section:

1. "Judgment" means any judgment which shall have become final by expiration without appeal in the time within which an appeal might have been perfected, or by final affirmation on appeal, rendered by a court of competent jurisdiction of any state or of the United States, upon a cause of action arising out of the ownership, maintenance or use of any vehicle subject to registration under the laws of this state, for damages, including damages for care and loss of services, because of bodily injury to or death of any person, or for damages because of injury to or destruction of property, including the loss of use thereof, or upon a cause of action on an agreement of settlement for the damages;

2. "Minimum liability insurance limits" means:

a. for vehicle liability policies issued or renewed before April 1, 2005:

(1) a limit of not less than Ten Thousand Dollars ($10,000.00) because of bodily injury to or death of one person in any one accident,

(2) subject to the limit for one person as prescribed in subparagraph a of this paragraph, a limit of not less than Twenty Thousand Dollars ($20,000.00) because of bodily injury to or death of two or more persons in any one accident, and

(3) if the accident has resulted in injury to or destruction of property, a limit of not less than Ten Thousand Dollars ($10,000.00) because of injury to or destruction of property of others in any one accident, or

b. for vehicle liability policies issued or renewed on or after April 1, 2005:

(1) a limit of not less than Twenty-five Thousand Dollars ($25,000.000) because of bodily injury to or death of one person in any one accident,

(2) subject to the limit for one person as prescribed in subparagraph a of this paragraph, a limit of not less than Fifty Thousand Dollars ($50,000.00) because of bodily injury to or death of two or more persons in any one accident, and

(3) if the accident has resulted in injury to or destruction of property to a limit of not less than Twenty-five Thousand Dollars ($25,000.00) because of injury to or destruction of property of others in any one accident;

3. "Motor vehicle liability policy" means an owner's policy or operator's policy of liability, as defined in this chapter, issued by an insurance carrier duly authorized to transact business in this state, to or for the benefit of the person named therein as insured. With respect to a policy which grants coverage in excess of or in addition to minimum liability insurance limits, the term motor vehicle liability policy shall apply only to that part of the coverage which is required by minimum liability insurance limits; and

4. "Proof of financial responsibility" means proof of ability to respond in damages for liability at the minimum liability insurance limits:

a. resulting from accidents occurring subsequent to the effective date of the proof,

b. arising out of the ownership, maintenance or use of a vehicle subject to registration under the laws of this state.

Okla. Stat. tit. 47, § 7-103

Added by Laws 2009, SB 1161, c. 62, §1, eff. 11/1/2009.