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Setting the policy to True has Google Chrome always check whether it's the default browser on startup and, if possible, automatically register itself. Setting the policy to False stops Google Chrome from ever checking if it's the default and turns user controls off for this option.
Leaving the policy unset means Google Chrome lets users control whether it's the default and, if not, whether user notifications should appear.
Note: For Google Chrome the handler for the https and http protocols (and, optionally, the ftp protocol and other file formats). See Chrome Help ( https://support.google.com/chrome?p=make_chrome_default_win ).