The install package is used if you don't have the application already installed, while the update package is used to update an existing installation.
The build date is listed in parentheses, in a YYMMDD format, after the version number. The Office suite includes all the individual applications, such as Word, PowerPoint, and Excel. The following table lists the most current packages for the Office suite and for the individual applications. For early access to new releases, join the Office Insider program.For information about the features, security updates, and non-security updates that are included in a given release of Office for Mac, see Release notes for Office for Mac.Starting with the 16.17 release in September 2018, this information also applies to Office 2019 for Mac, which is a version of Office for Mac that’s available as a one-time purchase from a retail store or through a volume licensing agreement.For security reason, Microsoft has deprecated the use of SHA-1.
For more information, see Microsoft Teams installations on a Mac.