Practice Test GeeksTICO - Travel Industry Council of Ontario Practice Test
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Travel Compensation Fund Flashcards

6 cards from real TICO practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.

Read the first 6 Travel Compensation Fund flashcards as text

  1. Which of the following consumers would be eligible to make a claim to the Travel Compensation Fund (TCF)?

    Answer: An Ontario resident who paid a TICO-registered travel agent for a package and the agent became insolvent before travel

    The TCF is available to consumers who suffer losses when a TICO-registered travel agent or wholesaler becomes insolvent.

  2. The Travel Compensation Fund (TCF) is funded primarily through:

    Answer: Annual levies paid by all TICO-registered travel agents and wholesalers based on their sales volume

    The TCF is funded by annual levies paid by TICO registrants, calculated based on their Ontario travel sales.

  3. The Travel Compensation Fund (TCF) covers losses arising from which specific event?

    Answer: The financial insolvency of a TICO-registered travel agent or travel wholesaler

    The TCF specifically covers losses arising from the financial insolvency of a TICO-registered travel agent or wholesaler — not supplier bankruptcies or travel disruptions.

  4. Before filing a claim with the Travel Compensation Fund, what must a consumer do first?

    Answer: Attempt to obtain a refund through all other available means, including credit card chargebacks and travel insurance claims

    The TCF is a last-resort fund. Consumers must first pursue all other available remedies such as credit card chargebacks and travel insurance before the TCF will consider their claim.

  5. A consumer paid a TICO-registered agency $8,000 for a family vacation package. The agency became insolvent. The consumer received $2,000 back through a credit card chargeback. How much can the consumer claim from the TCF?

    Answer: Up to $6,000 (the unrecovered portion), subject to the TCF's maximum claim limit

    The TCF covers the unrecovered portion of the consumer's loss — in this case, up to $6,000 — after credit card chargebacks are applied, subject to the TCF's maximum per-claim limit.

  6. What is the maximum amount the Travel Compensation Fund will pay to any single consumer claimant?

    Answer: The TCF has a published maximum claim limit per consumer, which is set by TICO's board and can change over time

    The TCF has a published maximum claim limit per consumer that is set by TICO's board. Consumers should check TICO's current schedule for the applicable limit.