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If statements in Microsoft Word templates allow for comparing two values and displaying document content based on the result. IF fields are useful for dynamically comparing the values of merge fields, such as displaying domestic or international shipping rates on an invoice based on the account's billing country. Components include the two expressions to compare, operator (equal to, not equal to, greater than, etc.), true text for when the comparison is true, and false text for when it's false. This feature can conditionally show or hide shipping information based on the account's billing country.