The factual statements of the insured upon which an insurance policy is based are called:

The correct choice is representations, which refers to the factual statements made by the insured that are foundational to the issuance of an insurance policy. These statements are critical as they provide the insurer with essential information regarding the risk they are taking on. When a person applies for insurance, they disclose certain facts based on their understanding of the situation, and these disclosures form the basis of the insurer's decision to enter into a contract.

If these representations are proven to be true and accurate to the best of the insured's knowledge, they build trust in the insurance process and affirm the principle of utmost good faith, which requires honesty from both parties in the contract.

The other terms listed in the question have different meanings in the context of insurance. Allegations refer to claims made in a legal sense, misrepresentations indicate statements made that are false or misleading, which could affect the validity of the policy, and utmost good faith is a principle guiding the relationship between the insurer and the insured. Overall, representations are the precise term for those factual statements that underlie the insurance contract.