The 8 V AC coil voltage is unusual — most remote switches in this class run 24 V or 230 V coils, so verify your control transformer taps before wiring. The 1 CO (single changeover) gives you one set of form-C contacts: common, normally-open, normally-closed. That's enough to switch a single load or signal, but not to interlock multiple circuits without auxiliary contact blocks.
Remote control switches like this one are typically installed in lighting control panels, HVAC zone switching, or any circuit where a low-voltage signal from a timer, PLC, or building management system needs to switch a higher-current load. The N-type designation suggests it's a normally-open contact that closes on coil energization — common for load shedding or demand-response applications.