Telco: PHONE LINE IN
House: PHONE LINE OUT
TIP: PHONE LINE POSITIVE (RED)
RING: PHONE LINE NEGATIVE/GROUND (GREEN)
Hope this helps
And yes, of course you do, that’s literally THE entire phone line! Assuming it’s a single-line setup.
To repeat; Telco is the phone line coming from the service provider, from your wall in other words, where you typically have the phone service coming in, typically a dialer is going to be in the CO for the building anyway.
House is the phone line coming from your dialer to the rest of the phone service within the premises, to your phone sets in other words.
What effectively happens is your phone service takes a pit-stop to the dialer, and that can allow the service to continue on in normal conditions, and then kick you off if it needs to place a call.