Public Sub InsertImage(path As String)
Selection.InlineShapes.AddPicture FileName:=path, LinkToFile:=False, SaveWithDocument:=True
Rem Selection.TypeText (path)
End Sub

procedure TForm1.Button2Click(Sender: TObject);
var Word, Sel, Doc, Path: Variant;
begin
 Word := CreateOleObject('Word.Application');
 Word.application.documents.open(ExtractFilePath(Application.ExeName)+'\1.doc');
 Sel:=Word.Selection;
 Doc:=Word.ActiveDocument;
 try
   Path:='С:\Photo\1.JPG';
   Word.Run('InsertImage', WideString(Path));
 finally
   Word.visible:= true;
 end;
end;