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Actors often find it hard to know precisely when lines have been completely memorized. Most actors don't put enough effort into it and some actors obsess about it needlessly. Actors do need to know the words of the script, so complete memorization is what should be the goal. There are a few signs of being well-memorized that an actor should look for.

Improvise Actions

It's one thing to be able to recite your lines verbatim in the comfort of the chair where you did all your memorization. It's easy to do things in comfortable settings, but that's not the limits of our abilities. A good sign that you know your script really well is your ability to do any action while simultaneously reciting your lines correctly. Most telling is when you can do actions that are impromptu rather than rote. Reciting lines while doing laundry is one thing, but being able to recite lines while shopping at a store you've never been to is another.

Improvise Inflection

Often when we work on memorizing lines we give less attention to the way they are said than on the specific words we say. We are more interested in remembering the precise verbiage rather than how it is delivered. Sometimes we memorize the lines along with a particular tonality or pitch that we employ every time we recite the words. This may not be the optimum way to say those lines because a certain amount of flexibility will be needed to polish the performance. If you are able to not only recite the words correctly but each time you do so deliver it in a different way, you're well on your way to knowing your scene really well.

Understand It Better

The precise meaning of the text you have to work with isn't 100% clear all the time. Some lines are ambiguous and others are just plain mysterious. To create a compelling performance the meaning of the lines must be uncovered. No matter how many times you read the words it still may be elusive. One way to know that you are well-rehearsed with your lines is when meanings start to present themselves to you. The act of reciting the lines ad nauseum with improvised physical bits can often help with comprehension of a text and once this occurs it's a good sign you may well on your way to being fully prepared.

Actions Come To Mind

In your continued rehearsal process the meaning of the text may not be the only thing that comes to you. Another sign that you are likely well-memorized is when complementary actions for the lines manifest themselves in your head. Knowing the text well not only helps you understand the meaning of the words, but it can also help you interpret that meaning into tangible action. It's one thing to know that when your character says "Hey" to his wife it's his way of saying "I love you", but it also can bring to mind the idea of adding a physical act of affection along with it.

These are just some of the indications of preparedness that I've come across in my acting experience. You may have different yardsticks for you to judge whether you know your lines well enough or not. Having a yardstick of some kind is the important part, flying blind might be fun for a while but ultimately it's a poor strategy.