TICO Module 5 A+ Correct Solutions 2024
Section 52 of the Regulation - ANS-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 : - ANS-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: - ANS-receive
compensation from the Fund.
True or False: Consumers do not have to live in Ontario to be covered by the Fund. -
ANS-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: - ANS-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 - ANS-TICO has the legal right to borrow money to
supplement the Fund.
Section 70 of the Regulation - ANS-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 Fund for any claims paid to the registrant's
customers under the following circumstances: - ANS-the registrant is bankrupt or
insolvent or has ceased to carry on business; or the registrant purchased travel services
on the customer's behalf, 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 - ANS-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 must contribute to the: - ANS-Travel Industry
Compensation Fund.
Contributions to the Fund must be made : - ANS-twice a year (at a six-month interval),
with each payment based on the company's gross sales in Ontario.
When registrants make payments to the Fund, each payment must be accompanied by
: - ANS-a completed return that shows the registrant's sales in Ontario for the preceding
fiscal half-year and the amount owing to TICO.
Registrant returns must be: - ANS-certified for accuracy by the registrant or an
authorized officer or partner of the registrant.
Standard Claim - ANS-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? - ANS-A customer, a travel agent or a travel
wholesaler
Trip Completion Expense Claim - ANS-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 expense claim - ANS-A customer or a travel agent
Section 56 of the Regulation - ANS-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.
Section 72 of the Regulation, Administration of the compensation Fund - ANS-TICO
may borrow money to supplement the Compensation Fund. If the Fund has more
money than what it needs to meet TICO's immediate needs, TICO can invest funds in
Section 52 of the Regulation - ANS-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 : - ANS-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: - ANS-receive
compensation from the Fund.
True or False: Consumers do not have to live in Ontario to be covered by the Fund. -
ANS-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: - ANS-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 - ANS-TICO has the legal right to borrow money to
supplement the Fund.
Section 70 of the Regulation - ANS-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 Fund for any claims paid to the registrant's
customers under the following circumstances: - ANS-the registrant is bankrupt or
insolvent or has ceased to carry on business; or the registrant purchased travel services
on the customer's behalf, 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 - ANS-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 must contribute to the: - ANS-Travel Industry
Compensation Fund.
Contributions to the Fund must be made : - ANS-twice a year (at a six-month interval),
with each payment based on the company's gross sales in Ontario.
When registrants make payments to the Fund, each payment must be accompanied by
: - ANS-a completed return that shows the registrant's sales in Ontario for the preceding
fiscal half-year and the amount owing to TICO.
Registrant returns must be: - ANS-certified for accuracy by the registrant or an
authorized officer or partner of the registrant.
Standard Claim - ANS-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? - ANS-A customer, a travel agent or a travel
wholesaler
Trip Completion Expense Claim - ANS-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 expense claim - ANS-A customer or a travel agent
Section 56 of the Regulation - ANS-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.
Section 72 of the Regulation, Administration of the compensation Fund - ANS-TICO
may borrow money to supplement the Compensation Fund. If the Fund has more
money than what it needs to meet TICO's immediate needs, TICO can invest funds in
