About this event
Insurance & Risk Management covers how people and businesses identify and manage risk, the legal principles behind insurance, personal and commercial insurance products, underwriting, and claims and fraud management. How it runs: this is an individual objective test and nothing else. You take a proctored, online test of 100 multiple-choice questions in 50 minutes. Study materials are not allowed, and a calculator is built into the testing platform. Each correct answer is worth one point with no penalty for wrong answers, and your test score is your result.
FormatObjective Test
Duration50-minute online test, 100 multiple-choice questions
Solo or teamIndividual
CategoryAccounting & Finance
Your plan
How to study
Built from the official topic outline. Take the check and read every lesson here with no account; a free account keeps your progress and opens flashcards, practice and full tests.
Find your weakest area
Take the 7-question check below: one question from each of the 7 areas. It tells you where to start.
Start the checkLearn every area
Every area of the official topic outline is below. Each has a short lesson, flashcards and practice, plus free reading.
See the areasPractice until every bar is full
Practice gives you one question at a time and leans toward the areas you miss. Your readiness meter fills as you get them right in every area.
PracticeTake a full test at the real pace
100 questions in 50 minutes, the official length. Your readiness meter counts your last 3 full tests from the past 30 days, and 90% fills each one.
Take a practice test
The areas of the test
Risk Management Fundamentals
- Book · OpenStaxPrinciples of Finance 2e, Sec. 20.1: The Importance of Risk Management (opens in a new tab)
- Book · OpenStaxPrinciples of Economics 3e, Sec. 16.2: Insurance and Imperfect Information (opens in a new tab)
- Book · OpenStaxEntrepreneurship, Sec. 13.7: Mitigating and Managing Risks (opens in a new tab)
Insurance Industry & Legal Principles
Personal Insurance Products
- Article · Insurance Information InstituteTriple-I: Auto insurance basics, understanding your coverage (opens in a new tab)
- Article · Insurance Information InstituteTriple-I: Life Insurance Basics (opens in a new tab)
- Article · HealthCare.gov (CMS)HealthCare.gov: Health insurance plan and network types (HMOs, PPOs, and more) (opens in a new tab)
Commercial & Specialized Insurance Products
Insurance Operations & Underwriting
- Article · Insurance Information InstituteTriple-I: Company Operations (underwriting and rate making) (opens in a new tab)
- Reference · U.S. Bureau of Labor StatisticsBLS Occupational Outlook Handbook: Insurance Underwriters (opens in a new tab)
- Article · Insurance Information InstituteTriple-I: Financial Reporting (how insurers report reserves and results) (opens in a new tab)
Claims & Fraud Management
- Article · Insurance Information InstituteTriple-I: Understanding the insurance claims payment process (opens in a new tab)
- Article · Insurance Information InstituteTriple-I: Background on insurance fraud (opens in a new tab)
- Reference · U.S. Bureau of Labor StatisticsBLS Occupational Outlook Handbook: Claims Adjusters, Appraisers, Examiners, and Investigators (opens in a new tab)
Professional Development in Insurance
- Reference · U.S. Bureau of Labor StatisticsBLS Occupational Outlook Handbook: Insurance Sales Agents (opens in a new tab)
- Reference · U.S. Bureau of Labor StatisticsBLS Occupational Outlook Handbook: Actuaries (opens in a new tab)
- Article · National Association of Insurance CommissionersNAIC: Producer Licensing (how agents and brokers are licensed) (opens in a new tab)
Free reading comes from open textbooks, government health and business sites, free courses and professional associations, never a copy of a book or a test. Every link was checked on November 9, 2026.
Start here
Find your weakest area
7 questions, one from each of the areas of the Insurance & Risk Management test. Each one is graded the moment you answer, with the reason, and the last screen tells you which area to study first. No account needed.
Test day
What to expect
50 minutes, 100 questions
You have 50 minutes to answer 100 multiple-choice questions. Each correct answer is worth one point and there is no penalty for wrong answers, so always fill in your best guess.
Machine-scored
Tests are machine-scored. Questions are drawn from the official FBLA topic outline for this event, across all of its topic areas. Expect a mix of recall (definitions, formulas), application (scenario-based), and analysis questions.
Top scorers advance
Top finishers at regionals advance to states, and top finishers at states qualify for the National Leadership Conference (NLC). How many advance depends on your state's rules. Study the official FBLA topic outline, which lists the subject areas the test covers.
Test format
- Time limit50 minutes
- Questions100 multiple choice
- OptionsA, B, C, D, one correct
- GuessingNo penalty, always answer
- CalculatorBuilt into the test
- IndividualSolo event
Competition levels: Regional Leadership Conference, then State Leadership Conference, then National Leadership Conference
Guidelines and resources
Bookmark to saveCurated by ChapterPrep. Free unless noted. External links open in a new tab.