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1995 200HP mercury XRI

Is it a constant beep or a beep beep beep? If it is the first, it is an over heat alarm. Check the temp of the tell tale stream. If it is hot, change your water pump.
If it is the latter, it is the oil buzzer. There were problems with the sensor going out. Let us know what you find.
 
Then it is probably one of the oil sensors causing the problem. If you have a manual follow the trouble shooting part on how to test.
 
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