If someone pays a lapsed time insurance policy up to date does that individual become the payee or beneficiary
Answers:
No. The policy OWNER is the ONLY person who can change/name a beneficiary. And paying the premium does NOT spawn you the policy owner. The policy owner would have to verbs the policy to you, and the insurance company would have to agree - and sometimes the INSURED would ALSO hold to agree.
Paying only make you the payer. The payer, owner, beneficiary, and insured are all separate entities involved contained by the life insurance contract. Typically the owner and the payer are equal person to construct sure the owner's interests are protected, but paying does not make you the owner. As mentioned previously, the owner is the only one next to rights to name a beneficiary etc.
Only if the payor is the owner of the policy.
No. Just because someone paid the bill does not penny-pinching they automatically become the beneficary. The only being who can assign the beneficary is the person who's policy it belongs to.
My son is my beneficary. My company pays for my go insurance. So who pays has nought to do with who recieves if something happen to me.