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Take a look at this, it should explain the switch, and how to repair an original.
https://m.youtube.com/watch?v=lDBNoU0ZvLQ&pp=QACIAgA%3D
The insulator in the repair kit will probably be the worn out component.
I made a replacement out of nylon.
Helped to have parts from several OEM switches to scrounge enough pieces to reassemble.