If you insert a picture into the middle of a paragraph and Word doesn't adjust the text so you can see it, this simple setting could be to blame.
Sometimes, an in-line text picture doesn't display completely. You can see just the bottom of the picture (or clip art). You know the picture's there, but you can't see all of it, as shown below.
Usually, line spacing is the culprit. If a picture doesn't display completely, try this:
From the Format menu, choose Paragraph.
Check the Line Spacing. It's probably set to Exactly.
If so, change the setting to Single, and Word will display the whole picture.
The Exactly setting is a fixed line spacing and Word won't adjust the line to accommodate a picture, or anything else for that matter.