Processes in Microsoft 365 for setting up Office apps, redeeming product keys, and activating licenses.
1
Open Word.
At the top right of Word, log out of Office.
Restart (not shut down) your PC, then log back into Office, is your licence/subscription then recognized correctly.
2
If not, before performing this process, please log into your Microsoft account on this link (https://account.microsoft.com/services/) and check to ensure your Office licence or Microsoft 365 subscription is listed correctly on your account.
Open the Settings App (gear icon on your Start Menu).
Go to Apps - Installed Apps, then scroll down to find Microsoft Office
Select that and choose Modify - Online Repair
That should fix any issues with your Office Installation.