Starting with Flash Player 11.2 on Windows and 11.3 on OS X, Flash Player now includes a background service that, without any user interaction, will allow Flash Player to silently update itself when a zero day vulnerability or bug fix update becomes available. To enable this feature, simply select "Install updates automatically when possible (recommended)" during your Flash Player installation or in the Advanced tab of the Flash Player control panel.
Once selected, the service will check Adobe's servers for updates once every 24 hours. Normal Flash Player installations require an administrator account. However, automatic updates are performed even if the user is logged in with a standard account.
Please note that major Flash Player releases will prompt the user with an update dialog, allowing them to read the key features new to the release. The user can choose to update immediately or the automatic update will silently install the update 30 days after release.
For additional details, please see the following article:
I highly recommend you read the following blog posts that contains straight answers to common questions about the automatic update feature:
Flash Player beta users, those that opt into the automatic update feature will have their beta versions upgraded automatically within 24 hours of a new release becoming available. For more information, please see this post: