This will update and add existing contacts to the list unless the contact unsubscribed themselves from ALL lists or that specific list in the past.
Other things to note:
- If the contact is active on other lists, they will be added
- If the contact was not on any lists but is an active contact, they will be added
- If the contact unsubscribed from any list, they will not be imported via .csv to a new list even if the box is marked "update existing contacts"