It is an inner cone on the axle that binds into the outer housing of the same shape that makes it a Sure-Grip. When the cone wears enough, it 'bottoms out' preventing the 2 surfaces from being able to 'bind' into each other so it only puts power to one wheel at a time.
I have bought a dozen or so over the years for next to nothing. Just take the smaller end of the cone down about .100" so that it not longer 'bottoms out' and it will hold again. You are supposed to shim the axle or something, but I never have and have never had a problem. They are not at all as good as the clutch pack type, but for a street car with street tires, they work fine given the limited mileage we typically put on them now a days.