The diode is a semiconductor device that is controlled by its own voltage Vak and current Iak. When a diode is forward biased (Vak > 0), it starts to conduct with a small forward voltage Vf across it. It turns off when the current flow into the device becomes 0. When the diode is reverse biased (Vak < 0), it stays in the off state.
The Diode block is simulated by a resistor, an inductor, and a DC voltage source connected in series with a switch. The switch operation is controlled by the voltage Vak and the current Iak.
The Diode block also contains a series Rs-Cs snubber circuit that can be connected in parallel with the diode device (between nodes A and K).