Glossary

As defined by federal motor carrier regulations, interstate commerce refers to trade, traffic, or transportation in the United States that is between a place in a state and a place outside of such state or is between two places in a state through another state. An interstate shipment begins when it starts its course to another state or has been delivered to a carrier for such transportation and ends when the shipment has reached the ultimate destination originally intended by the party that controls the movement. All transportation from beginning to end is transportation in interstate commerce. The details of the interstate movement of goods (e.g., the number of carriers involved in the movement, billing arrangements between the carriers, or whether there is actual physical continuity of the movement) are irrelevant in as far as the determination that the movement is interstate commerce.

The Interstate Commerce Commission (ICC) was an independent regulatory authority that was abolished on January 1, 1996, but had a profound effect on the motor carrier industry.

The Interstate Commerce Commission Termination Act of 1995 (ICCTA) was legislation that abolished the Interstate Commerce Commission (ICC), discontinued some of its functions, and transferred remaining functions to other government agencies. It established the Surface Transportation Board within the Department of Transportation (DOT) to regulate motor carriers operating in interstate commerce. This Act is considered to have had a major effect on the motor carrier industry.

Interstate experience rating is an experience rating plan for risks operating on a multistate (interstate) basis that utilizes the experience developed within more than one state.

Intrafamily immunity is the legal doctrine prohibiting one family member from suing another family member for personal injury (PI).

Intrapolicy stacking is one form of "stacking" or the aggregation of multiple insurance coverages or limits to cover a single loss. Attempts to "stack" coverage can be based on a theory that a single policy provides more than a single limit of coverage applicable to the claim. This is called intrapolicy stacking.

Intrastate commerce is defined by federal motor carrier regulations as any trade, traffic, or transportation in any state that is not described in the term "interstate commerce." Normally, this would involve trade, traffic, or transportation contained within a single state.

Intrastate experience rating is an experience rating plan that utilizes the experience developed within one state only.

Invasion of privacy is a violation of a person's right to be left alone. Invasion of privacy is considered a "traditional" personal injury (PI) tort. Coverage for PI is excluded in some umbrella and professional liability coverage forms, although it is covered under commercial general liability (CGL) policies, in police liability policies, within liability policies designed for media firms, in employment practices liability (EPL) policies, and in a number of lawyers professional liability policy forms.

Investment Company Act of 1940 is a law requiring that mutual funds register with the federal government. The original intent of the Investment Company Act of 1940 was to protect the public from many of the abuses engaged in by mutual funds during the 1920s, many of which were responsible for the Wall Street Crash of 1929. On a more contemporary basis, the Act has assumed particular importance because it affords individuals who serve as fiduciaries of employee benefits plans a layer of insulation from liability. Specifically, if it can be shown that a fiduciary selected an investment adviser who is registered under the Investment Company Act of 1940, the fiduciary cannot be held liable for the investment adviser's imprudent investment decisions. Rather, liability can only attach when it can be shown that the fiduciary failed to select an adviser who is registered under the Act.