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!

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.