I think you are confusing generators which also have current regulators as well as voltage regulators (and cut off relays).
Voltage regulators have normally closed points. The points are held closed by spring tension. As the voltage rises, the magnetic field increases and, at a certain set point, it pulls the points open. This cuts the power to the rotor windings, the alternator stops charging, the voltage falls, the magnetic field in the regulator falls, and the points close starting the cycle again. This happens so rapidly that the alternator maintains a steady output.