]I am assuming It's probably a relay with no base ,spade terminals only,
can be replaced with a standard relay 8 pin or 11 pin With base
probably best way to understand the concept is like a two way switch ,common in one side , 2 switch wires out the other side
One contact will be normally closed and then when the coil of the relay is switched the ,relay will change state and make the other contact live ,just haven't figured out from your post, what the control strategy for switching the relay, to change between heating elements would be?