Module 2 TICO Exam Questions & Answers 100% Updated

The registration and inspection of travel businesses in Ontario is conducted by - ANSWERthe Travel Industry Council of Ontario (TICO) The Travel Industry Act, 2002 defines travel agent as - ANSWERa person who sells travel services provided by another person The Travel Industry Compensation Fund applies to - ANSWERManitoba consumers who purchase travel from an Ontario travel agency TICO does not register individuals. Travel agencies are responsible for the actions of - ANSWERtheir employees or outside sales representatives, and for ensuring that those individuals meet the educational requirements. This includes out-of-province employees or representatives who sell travel services and answer questions about travel services from customers who believe they are dealing with the Ontario- registered agency. Ontario uses six mechanisms to protect consumers: - ANSWER• registration system • posting of security • a compensation fund • trust accounting • truth in advertising • supervision/educational requirements Registration system - ANSWERAll three provinces( Ontario, Quebec, and British Columbia) have made it illegal for a travel agent or a travel wholesaler to carry on business unless that business is registered with the province. Companies must meet certain criteria in order to obtain a licence from the province concerned. Posting of security - ANSWEROntario 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 and the Registrar is satisfied with the registrant's compliance.