This sounds like autotext, which works similarly in Word 2010, but I would be inclined to set it up using autocorrect instead.
You could create the entries manually, but it is easier if you download the autocorrect backup utility from fellow MVP Jay Freedman's web site -
http://jay-freedman.info/. Open the template and run the autocorrect backup. This will create a three column table.
The first column is the trigger key, I would recommend using #1, #2, #3 etc as triggers for your paragraphs as these commands are not frequently used in normal typing.
In the second column enter/copy and paste your paragraphs, and in the last column enter True or False depending whether the entries are formatted or not (I suspect False is most appropriate here).
Add the entries to new rows at the bottom of the table then use the utility to restore the entries from the table.
Type #1 to enter the first paragraph etc.