We study modulational instability in a fiber system resembling a dispersion-managed link where the sign of the group-velocity dispersion varies randomly according to a telegraph process. We find that the instability gain of stochastic origin converges, for long fiber segment mean length (the inverse of the transition rate between the two values), to the conventional values found in a homogeneous anomalous dispersion fiber. For short fiber segments, the gain bands are broadened and the maximum gain decreases. By employing correlation splitting formulas, we obtain closed form equations that allow us to estimate the instability gain from the linearized nonlinear Schrödinger equation. We compare the analytical to the numerical results obtained in a Monte Carlo spirit. The analysis is proven to be correct not only for a fluctuating group-velocity dispersion, but also including fourth-order dispersion (both constant or varying according to a synchronous or independent telegraph process). These results may allow researchers to tailor and control modulational instability sidebands, with applications in telecommunications and parametric photon sources.