Originally Posted by WineCountryUA

Initially, the canceled ticket credit can only be used by the original passenger. If the credit exceeds the cost of the new flight, then that "residual" is converted to an ETC, which then can be used for additional flights for any traveler. This can continue until the entire amount is used.

There is one caveat -- Flights purchased since March 3 have no residual, so those flights can only be changed but no ETC will be generated if the new flight is cheaper. You should be fine if the cancelled flight was purchased prior to March 3.

No & Yes, as future flight recredit no -- just one. If converted to ETCs, yes.

UA is hinting the present canceled / future flight credits will be convertible to ETCs at some point without purchasing a replacement flight.

In Refunds