Just to clarify, it looks like a printed circuit board on a modular block. It has two legs, one going down each side of the block where the copper wire would come in. One side has one terminal marked L1. The other side has a terminal marked L2. The other leg has two terminals that are marked "telephone". I will take a leap here and assume the red and green wires with spade lugs go to the "telephone" terminals and the incoming line goes to L1 and L2.