OMVIC Practice Test

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Prepare for the OMVIC Practice Test. Study with flashcards and multiple choice questions, each question has hints and explanations. Get ready for your OMVIC exam!

Each practice test/flash card set has 50 randomly selected questions from a bank of over 500. You'll get a new set of questions each time!

Practice this question and more.

True or False: The Fund is similar to an insurance policy, so a dealer does not have to reimburse the Fund should the Fund pay out a claim on behalf of a dealer.

False
True

The correct answer is: False

The statement is False because the Fund is not an insurance policy. It is a financial protection program for investors in the case of insolvency or fraud of a brokerage firm. It does not absolve a dealer from their responsibilities and obligations to their clients. Thus, if the Fund pays out a claim on behalf of a dealer, the dealer is still required to reimburse the Fund.