TICO - Module 5 questions with correct answers

Purpose of the travel Industry compensation Fund CORRECT ANSWER to 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 receive compensation from the Fund Travel Industry Compensation Fund Notes CORRECT ANSWER "Compensation Fund" Consumers do not have to live in Ontario to be covered by the Fund. 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 TICO has the legal right to borrow money to supplement the Fund Compensation Fund is made up of CORRECT ANSWER contributions made by registrants