The check valve is part of the banjo fitting that retains the fuel return line to the VP. If you examine the existing one, you'll see that there's a ball bearing showing on the hex head end of the banjo. When you remove the banjo, you'll see a spring and smaller ball bearing inside. This spring can weaken and cause the check valve to malfunction. I'm not exactly sure which pressure it regulates (I believe it's the internal pressure of the VP), but if it's not working correctly it can cause your fuel pressure to take a dive. Maybe one of the diesel gurus will chime in with a more complexed description of how it works ... hope you got the gist!