TICO Module 5 questions with correct answers

Section 52 of the Regulation CORRECT ANSWER Purpose of the travel Industry compensation Fund The purpose of the Travel Industry Compensation Fund (usually referred to simply as the Compensation Fund, or the Fund) is to : CORRECT ANSWER protect consumers who purchase travel services from Ontario-registered retailers. If travel services cannot be provided because of the financial failure of a registrant or an airline or cruise line end supplier, then a consumer may be eligible to: CORRECT ANSWER receive compensation from the Fund. True or False: Consumers do not have to live in Ontario to be covered by the Fund. CORRECT ANSWER True. As long as consumers purchase travel services from an Ontario registered travel agency, they are protected by the Compensation Fund in the event that they do not receive their travel services as a result of the failure of an Ontario registered travel retailer, an Ontario registered travel wholesaler or an airline or cruise line. The Fund is made up of: CORRECT ANSWER contributions made by registrants any money borrowed under this or an earlier Regulation recoveries of money paid from the Fund; and income earned on the money in the Fund. Section 72 of the Regulation CORRECT ANSWER TICO has the legal right to borrow money to supplement the Fund.