TICO Module 5 Exam | Questions with 100%
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Terms in this set (116)
Section 52 of the Regulation Purpose of the travel Industry compensation Fund
The purpose of the Travel Industry protect consumers who purchase travel services
Compensation Fund (usually referred from Ontario-registered retailers.
to simply as the Compensation Fund,
or the Fund) is to :
If travel services cannot be provided receive compensation from the Fund.
because of the financial failure of a
registrant or an airline or cruise line
end supplier, then a consumer may
be eligible to:
True or False: Consumers do not True. As long as consumers purchase travel
have to live in Ontario to be covered services from an Ontario registered travel agency,
by the Fund. 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: 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 TICO has the legal right to borrow money to
supplement the Fund.
Section 70 of the Regulation A registrant is required to reimburse the Fund for
any claims paid to the registrant's customers under
certain circumstances
A registrant is required to reimburse the registrant is bankrupt or insolvent or has
the Fund for any claims paid to the ceased to carry on business; or the registrant
registrant's customers under the purchased travel services on the customer's behalf,
following circumstances: extending credit to the customer, and the customer
paid the registrant for the travel services after the
supplier of the travel services had become
bankrupt or insolvent or ceased to carry on
business.
claimant someone who officially makes a claim to a benefit
or right. In the case of the Travel Industry
Compensa-tion Fund, they are someone who
wishes to be paid back ("reimbursed") for what he
or she spent on a travel service but did not receive
or someone who wish-es to be reimbursed for rea-
sonable expenses incurred to complete a trip.
A travel agent or travel wholesaler Travel Industry Compensation Fund.
must contribute to the:
, Contributions to the Fund must be twice a year (at a six-month interval), with each
made : payment based on the company's gross sales in
Ontario.
When registrants make payments to a completed return that shows the registrant's sales
the Fund, each payment must be in Ontario for the preceding fiscal half-year and the
accompanied by : amount owing to TICO.
Registrant returns must be: certified for accuracy by the registrant or an
authorized officer or partner of the registrant.
Standard Claim is a claim for travel services that were paid for but
not provided as a result of the failure of an
Ontario-registered travel agent, an Ontario-
registered travel wholesaler or an airline or cruise
line.
Who can make a standard claim? A customer, a travel agent or a travel wholesaler
Trip Completion Expense Claim claim for reason-able expenses incurred to
complete a trip where a customer or another
person has begun a trip that cannot be com-pleted
because travel services have not been provided as
the result of the failure of a TICO registrant.
Who can make a trip completion A customer or a travel agent
expense claim
Section 56 of the Regulation The TICO Board of Directors is responsible for
determining whether all or part of a claim is eligible
for reimbursement. The Board is also responsible
for deciding on the eligible amount of a claim.
Correct Answers | Verified | Latest Update 2026
Save
Terms in this set (116)
Section 52 of the Regulation Purpose of the travel Industry compensation Fund
The purpose of the Travel Industry protect consumers who purchase travel services
Compensation Fund (usually referred from Ontario-registered retailers.
to simply as the Compensation Fund,
or the Fund) is to :
If travel services cannot be provided receive compensation from the Fund.
because of the financial failure of a
registrant or an airline or cruise line
end supplier, then a consumer may
be eligible to:
True or False: Consumers do not True. As long as consumers purchase travel
have to live in Ontario to be covered services from an Ontario registered travel agency,
by the Fund. 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: 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 TICO has the legal right to borrow money to
supplement the Fund.
Section 70 of the Regulation A registrant is required to reimburse the Fund for
any claims paid to the registrant's customers under
certain circumstances
A registrant is required to reimburse the registrant is bankrupt or insolvent or has
the Fund for any claims paid to the ceased to carry on business; or the registrant
registrant's customers under the purchased travel services on the customer's behalf,
following circumstances: extending credit to the customer, and the customer
paid the registrant for the travel services after the
supplier of the travel services had become
bankrupt or insolvent or ceased to carry on
business.
claimant someone who officially makes a claim to a benefit
or right. In the case of the Travel Industry
Compensa-tion Fund, they are someone who
wishes to be paid back ("reimbursed") for what he
or she spent on a travel service but did not receive
or someone who wish-es to be reimbursed for rea-
sonable expenses incurred to complete a trip.
A travel agent or travel wholesaler Travel Industry Compensation Fund.
must contribute to the:
, Contributions to the Fund must be twice a year (at a six-month interval), with each
made : payment based on the company's gross sales in
Ontario.
When registrants make payments to a completed return that shows the registrant's sales
the Fund, each payment must be in Ontario for the preceding fiscal half-year and the
accompanied by : amount owing to TICO.
Registrant returns must be: certified for accuracy by the registrant or an
authorized officer or partner of the registrant.
Standard Claim is a claim for travel services that were paid for but
not provided as a result of the failure of an
Ontario-registered travel agent, an Ontario-
registered travel wholesaler or an airline or cruise
line.
Who can make a standard claim? A customer, a travel agent or a travel wholesaler
Trip Completion Expense Claim claim for reason-able expenses incurred to
complete a trip where a customer or another
person has begun a trip that cannot be com-pleted
because travel services have not been provided as
the result of the failure of a TICO registrant.
Who can make a trip completion A customer or a travel agent
expense claim
Section 56 of the Regulation The TICO Board of Directors is responsible for
determining whether all or part of a claim is eligible
for reimbursement. The Board is also responsible
for deciding on the eligible amount of a claim.
