TICO Module #5 questions with correct answers

What makes up the Fund? CORRECT ANSWER Contributions made by registrants Any money borrowed under this or an earlier Regulation Recoveries of money paid from the Fund Income earned on the money in the Fund. What circumstances must the registrant reimburse the Fund for any claims paid to the registrant's client? CORRECT ANSWER Registrant is bankrupt or insolvent or has ceased to carry on business Registrant purchased travel services on the clients behalf, extending credit to the client, and the client paid the registrant for the services, after the supplier of the services became bankrupt or insolvent or ceased to carry on business. What are the 2 possible types of claims on the Fund? CORRECT ANSWER 1. Standard Claim; For services that were paid for but weren't provided as a result of a failure of an Ontario-registered agent or wholesaler or airline or cruise line. Clients, agents or wholesalers may make a standard claim. 2. Trip Completion Expense Claim; A claim reasonable expenses incurred to complete a trip where a client or another person began a trip they cannot complete due to services not being provided as the result of the failure of a TICO registrant. Clients, or agents may make a trip completion expense claim. What reasons may a claim be made against the Fund for the non-provision of the services? CORRECT ANSWER Bankruptcy or insolvency of a registrant Failure of an airline or cruise line end