Disconnect the pink wire from the thermoswitch. Hold the pink wire terminal to a good ground point. Horn should sound. Motor should go into RPM reduction mode.
No sensor on that model. It uses a thermoswitch. Switch closes when the motor gets too hot.
Pink wire connected to the thermoswitch at one end and to the CDI at the other end.
Some boaters want a third set of tilt and trim controls. Yamaha offers an optional switch that can be mounted at say the front of the boat. A harness runs from the switch to the extra leads coming from the 703 control box.
Main tank is on the motor. Alarm is activated when the main tank is low.
Remote oil tank has nothing to do with the alarm.
If the main tank is filled and the alarm sounds then more than likely it is the alarm for over temperature.