Inserting Frequently Used Paragraphs in to a document

Hello

I hope my question is relevant in this section. My job requires me to quote a lot of policy in reports. I also find myself using the same stock paragraphs over and over again when stating why something doesn't meet the requirements of the policy. At the moment the most efficeint I can be is to store these paragraphs in a separate document and copy and paste them over. However this is getting too unwieldly.

Is there a way I can store all of these paragraphs and policy in a document and just use some sort of shortcut that will quickly insert the stock text I'm referring to? I am somewhat hindered by the fact that my organisation uses Word 1997, though this may change "in the future".

Grateful for any help