TICO - Module 2 Exam questions with correct answers

TICO - Module 2 Exam questions with correct answers Common Travel Problems ANS-Result from the actions or arrangements travel suppliers make. Eg. physical injuries delays and cancellations overbooking discrimination lost, damaged, or stolen baggage, and misrepresentation concerning transportation, accommoda- tion, tours, and other travel services Ontario, Quebec, and British Columbia use the following to protect consumers: ANS-registration system posting of security a compensation fund trust accounting truth in advertising supervision/educational requirements Registration System ANS--Illegal for travel agents/travel wholesalers to carry on their business if they are not registered with the province -Companies must meet certain criteria in order to obtain a license from the province Posting of Security ANS-Ontario requires new registrants to post a security deposit of $10,000 The Registrar retains these funds until: - after the registrant has filed two consecutive annual financial statements - the Registrar is satisfied with the registrant's compliance compensation fund ANS-Each of the three provinces has a compensation fund The funding, administration and coverage of the compensationfund varies from province to province. Trust accounting ANS-All three provinces impose trust accounting on travel companies Monies collected from consumers must be placed in a trust account and used to pay for the consumer's travel purchases A trust account is separate from the general account, which is used to pay all business expenses Commissions and other charges are transferred from the trust account to the general account only after the clients travel or all suppliers have been paid Should a to