Sub Macro1()
'Graham Mayor - https://www.gmayor.com - Last updated - 29 Sep 2019 
Dim vFindText As Variant
Dim vColor As Variant
Dim i As Long
    vFindText = Array("Lorem", "ipsum", "amet") 'The word list
    vColor = Array(wdYellow, wdTurquoise, wdBrightGreen) 'The same number of items in this list as in the word list
    For i = 0 To UBound(vFindText)
        Options.DefaultHighlightColorIndex = vColor(i)
        With Selection
            .HomeKey wdStory
            With .Find
                .ClearFormatting
                .Replacement.ClearFormatting
                .Text = vFindText(i)
                .Replacement.Text = "^&"
                .Replacement.Highlight = True
                .Forward = True
                .Wrap = wdFindContinue
                .Format = True
                .MatchCase = False
                .MatchWholeWord = False
                .MatchKashida = False
                .MatchDiacritics = False
                .MatchAlefHamza = False
                .MatchControl = False
                .MatchWildcards = False
                .MatchSoundsLike = False
                .MatchAllWordForms = False
                .Execute Replace:=wdReplaceAll
            End With
        End With
    Next i
End Sub