Different strokes for different folks. Personally I really dislike having a choil, as it's called there since there are a couple of descriptions for it.
IMHO they are a pita and don't need to be there if the juncture between edge and ricasso is properly made, which is a nice rounded or ground radius instead of a sudden square.
Knives, and swords, have been made since the beginning of the iron age without them and they have stood up just fine.

Besides even if a knife has that sort of choil it will eventually be ground away over the years as the blade is continually sharpened so I can't see the point in having one to begin with.
The main reason I don't like them is because they can get hung up on hide or fur, and clothing if used for such a purpose, and can be difficult to get loose.
Definitions from a search on Google.
Glossary:
Choil
A choil is a round cut out seperating the cutting edge from the ricasso. It is also used to describe a cut out, molded or formed area where the handle and blade meet which positions/guards the index finger while gripping the opened knife.
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- Choil
The choil is an unsharpened section of the blade. If a guard is present, the choil will be in front of the guard on the blade itself. The choil is often used as a way to choke up on the blade for close-in work. The index finger is placed in the choil, and this close proximity to the edge allows for greater control. In addition, the choil is just in front of where the blade itself becomes part of the handle, an area often prone to breakage due to the blade-handle juncture. The choil leaves this area at full thickness and thus stronger.
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