If you happen to lose your phone, don't worry - you will be able to generate the same passwords as long as you remember your settings. It's really that easy.
This applies to all apps. If you are receiving 'unknown error code during installation 505' and just recently updated to Android 5.0 using over the air update without doing factory reset, you might need to clear the Google Play Store cache Menu>Settings>Apps>Google Play Store.
This app has access to :