Processes in Microsoft 365 for setting up Office apps, redeeming product keys, and activating licenses.
You need to have a Hosted Exchange mail account with a Hosted Exchange provider.
Otherwise I don't know what you are talking about.
Appreciate your chiming in, briefly, however it's not clear at all how a Hosted Exchange Account or Accounts for each family member along with an O365 Home Premium subscription addresses the subject of this thread.
A helpful post from you would elaborate on how that would work. If it does work, Microsoft has made solving for a very common family requirement utterly confusing such that otherwise tech savvy folks on this thread have been stymied for a year trying to get something that took 30 minutes to setup on Google Apps for free. Even so, we'd all be interested in this work around.