Larry,
I forgot to say that, although there is an element of inbuilt self regulation, it is not as accurate as the dedicated regulator in a 2-brush circuit. As a result, there are often two terminals on the dynamo allowing the output to be “controlled” by conecting to the appropriate terminal to suit the type of motoring and, with luck, preventing under-charging on short trips or over-charging on longer distance drives.
A cut out is required in the system simply to prevent the battery feeding back to the dynamo when there is no dynamo output. This is often a box which looks much like a modern regulator, usually mounted directly on the dynamo body.
B…..