This policy setting allows you to set the "*Bold* and _italic_ with real formatting" option. If you enable this policy setting, ...

This policy setting allows you to set the "*Bold* and _italic_ with real formatting" option.

If you enable this policy setting, you will set the the "*Bold* and _italic_ with real formatting" option in File tab | Help | Options | Proofing | AutoCorrect Options... | AutoFormat.

If you disable or do not configure this policy setting, the option is not set.