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 subscription then recognised correctly.
2
If not, log into your Microsoft account on this link, do you see a Office licence listed there, or if you have a subscription to Microsoft 365, check the expiry date listed on your subscription, is that listed correctly.