Final answer:
Under Social Security, an insured individual can be 'fully insured' or 'currently insured' (partially insured), based on the number of work credits earned. 'Fully insured' status generally requires 40 credits, equating to about 10 years of work, and qualifies individuals for retirement, survivors, or disability benefits. 'Currently insured' status means the individual has fewer credits but may still be eligible for certain benefits.
Step-by-step explanation:
An insured's status under Social Security can be described as either 'fully insured' or 'currently insured' (also known as 'partially insured'), depending on the number of credits they have earned through their work history. The term 'actively insured' does not apply, and 'completely insured' is not a recognized status under Social Security.
To clarify, being 'fully insured' refers to having earned enough credits through payroll tax contributions to qualify for retirement, survivors, or disability benefits under Social Security. The number of credits required varies depending on the type of benefits and the insured's age. Typically, 40 credits are necessary for retirement benefits, which equates to approximately 10 years of work.
'Currently insured' or 'partially insured' status indicates that, while the individual has not earned enough credits to be fully insured, they have earned enough credits (usually between 6 and 39) to qualify for certain types of benefits, such as disability or survivors benefits, under specific circumstances.