Which statements about the differences between variable life policies and endowment policies are FALSE?

Endowment policies are designed with fixed premiums and benefits, which are typically established at the time the policy is issued. This means that the policyholder pays premium amounts that do not change over the life of the policy, and the benefits, such as the death benefit or maturity value, are also predetermined. In contrast, variable life policies allow for a more flexible premium payment option, as the policyholder can adjust the amount and frequency of premium payments within certain limits.

The statement regarding endowment policies offering flexible premiums is incorrect because it mischaracterizes their structure. Endowment policies are designed to provide a guarantee of a payout at a specified time or upon death, thus making flexibility in premium payments not a characteristic of this type of policy.

In summary, the statement about endowment policies offering flexible premiums is false, as such policies are characterized by set premiums and benefits established upon purchase, distinguishing them from variable life policies that allow for adjustments based on the policyholder's needs.