ORA-26062: Can not continue from previous errors.
Cause : User attempted to continue a direct path load after receiving an error which indicates the load can not continue.
Action - How to fix it : DBA Scripts :: www.high-oracle.com/scripts
Address the original error that was returned.
Well, the reason for above error is that i have taken the above script from a 11g database and running it on 10g database. 11g has bring some changes in password management. Below code is executed on 11g and user created successfully, which is expected result.