When you go to Insert | File, Microsoft Word lets you
navigate to a folder, select a file, and insert it into the current document.
The result is a static copy—the inserted text won’t change unless you edit it.
In most situations, this is probably the result you want. But in other cases,
you may want to insert a dynamic copy of the file instead—one that stays
linked to the external file and displays the most current version of the text.

An inserted link is a Word field, which means that when you
select it and press [F9], the link displays the most current version of the
external file. For instance, suppose your company prints a standard disclaimer
at the end of all business correspondence. If the text of that disclaimer is
subject to frequent revisions, you might want to link to the disclaimer’s
source file.

Go to Insert | File, and navigate to the file you want to
link to. Select the file, click the drop-down arrow on the Insert File dialog
box’s Insert button, and choose Insert As Link. When
you do, Word inserts a field in the following form:

{INCLUDETEXT "<drive>:\\<path>\\disclaimer.doc"}

This field inserts the most current text from the file. (If you see this Word field instead of the text, press [Alt][F9] to toggle field codes.)

Next, open the external file (in our example,
disclaimer.doc), make a change to the text, and save and close that document
window. Return to the document where you inserted the link, select the linked
text, and press [F9] to update. When you do, changes made to the external file
will show up in the linked text.

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