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I also had to enter my product code when I updated recently to 4.5.1. I have updated in the past and had not been asked.
The only time that should happen is if the activation wizard detects a hardware change. It then assumes you're using different hardware, thus, it asks for the product code again. (It does the same thing in Windows) I had that happen on my test clone where I'm currently running the Office 2016 Preview alongside a copy of 2011.