This is how I understand it, an on-load device is designed to switch the full load current of the circuit, an off-load device is not designed to switch load.
It is probably easier to explain as part of a motor circuit where the isolator is provided for isolation purposes only and not designed to switch the motor on or off and is an off load device. The contactor is designed to switch the full load current of the circuit and can be classed as an on load device.
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