Module 5 Questions and answer 2023 verified

Module 5 Questions and answer 2023 verified Summary The Travel Industry Compensa- tion Fund protects consumers who book through an Ontario registered travel agency and who do not receive their travel services as a result of the failure of an Ontario registered travel agency, an Ontario registered travel wholesaler or an end supplier airline or cruise line. TICO's Board of Directors determines whether a claim meets the requirements for compensation. Which item takes precedence over other claims on the Travel Industry Compensation Fund? Payments for Trip completion Joe Smith purchases a package tour from ABC agency that includes a return economy flight. The airline end supplier becomes bankrupt during Joe's trip and he is stranded at the destination. He purchases a business class flight home and then makes a claim on the Compensation Fund for his trip completion expenses. Will his trip completion expense claim be successful? no, because trip completion expense claims may only be made when a trip cannot be completed because travel services were not provided as a result of the failure of a registrant A consumer who wishes to make a standard claim on the Compensation Fund for travel services paid for but not provided must do so within six months of the registrant's or end supplier's failure The Fund is made up of: • contributions made by registrants (discussed below); • 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. TICO has the legal right to borrow money to supplement the Fund. True