What happens when an exception is raised but not caught?

When an exception is raised in a Python program and is not caught, the program will terminate and display an error message indicating the type of exception and where it occurred. This is important as it informs the developer of the issue, allowing them to debug and fix the underlying problem in the code. The unhandled exception essentially disrupts the normal flow of the program, as the Python interpreter cannot continue executing the code without addressing the error. Therefore, the program exits and provides feedback through an error message, which commonly includes the exception type and traceback information, helping the programmer identify the source of the error.

The other options do not accurately describe the behavior of a program in the context of unhandled exceptions. Programs do not continue to run normally nor correct errors automatically without exception handling in place. Additionally, while some logging mechanisms can be implemented in a program, Python does not automatically log unhandled exceptions by default; instead, it simply terminates the program execution and displays the error.