An Office 365 Home Premium subscription gets you 5 licenses for Microsoft's Office Web Apps (soon to be renamed to Office Online) and local installations. In the past, to install one of the remaining licenses, you'd need to login to the primary account and perform the install from there.

Microsoft has now rolled out a new feature where you can add a new user to your Office 365 subscription and then send them an email that contains installation information. This ensures your primary account security is retained, i.e., you don't have to give out the primary account login and password.

How to do it:

  1. Jump out to the Office Online web site and login using your Microsoft account.
  2. In the Share your subscription benefits area, click the Add User option.

  1. When prompted, enter the email address of the individual with which you want to share the subscription and click Send Invite.

Here's an example of what the email installation notification looks like:

The email invitation is configured to expire in 30 days, but after accepted, each person who installs Office using the email information will receive their very own account page. As the primary account holder, you'll be able to monitor new subscriptions and even revoke them if necessary. Once an account has been revoked, it will no longer be able to use SkyDrive (soon to be OneDrive, maybe) for storage nor will be able to use the installed Office instances.