while not any( x in ('AND','OR','NOT') for x in list)
EDIT:
thank you for the upvotes , but etarion's solution is better since it tests if the words AND, OR, NOT are in the list, that is to say 3 tests.
Mine does as many tests as there are words in list.
EDIT2:
Also there is
while not ('AND' in list,'OR' in list,'NOT' in list)==(False,False,False)