Final answer:
The term for an insurance company’s license to operate in Oklahoma is a 'certificate of authority'. This is different from a service contract or a warranty, which relate to seller commitments for products.
Step-by-step explanation:
The correct answer to the question "An insurance company's license to do business in Oklahoma is called" is option B: certificate of authority. This license sometimes referred to more generally as an occupational license, is issued by government agencies and indicates that an entity, like an insurance company, is authorized to conduct business within a certain jurisdiction. A premium is a payment made to an insurance company in exchange for coverage, ensuring protection against specified risks for individuals or organizations that fall within a risk group. The terms service contract and warranty refer to agreements wherein the seller commits to repair or replace a product if necessary within a certain period, but these terms do not pertain to the licensing of insurance companies to do business in a state.