Question

"An insured's status under social security can be described as..."

a) Partially insured
b) Actively insured
c) Fully insured
d) Completely insured

Answer 1

An insured's status under Social Security can be described as fully insured.

Step-by-step explanation:

An insured's status under Social Security can be described as fully insured.

Social Security is a social insurance program that provides income and healthcare benefits to the elderly. It is primarily funded through a dedicated payroll tax. To be considered fully insured, an individual must have earned enough Social Security credits based on their work history. These credits are earned by paying into the program through payroll taxes or self-employment taxes.

For example, an individual can earn up to four credits per year, and a total of 40 credits are needed to be fully insured for retirement benefits. Once an individual has earned enough credits, they are considered fully insured and eligible to receive retirement benefits when they reach the required age.