Strange behavior within MS Word: using Command-Shift-L launches Safari sometimes
Solution 1:
The issue was a bit difficult to find: that shortcut is linked to "Search with Google". But the result is that Safari is launched - with whatever is in the clipboard as the search query to google.
The resolution is to uncheck the "Search with Google" checkbox in the services | shortcuts | searching area. Afterwards the Mac shortcut for bulleted paragraph works properly (and always)