Here is what the manual says for a Mercury 50HP.
Situation One:
Problem: Warning Horn Stays On When Ignition Key is Turned to “ON” Position (Engine Cold).
Faulty Engine overheat sensor. If warning horn sounds a continuous “beep”, the engine
overheat sensor may be faulty. Disconnect tan/blue overheat
sensor lead at bullet connection. Turn ignition key to
“ON” position. If horn stops sounding, the engine overheat
sensor is faulty.
Situation Two:
Problem: Warning Horn Sounds (Continuous Beep) When Engine is Running and Oil Tank is Full.
Disconnect both low oil sensor leads (blue) at bullet connections.
Connect an ohmmeter between sensor leads.
There should be no continuity through sensor. If continuity
exists, sensor is faulty
Zero