How should you test the low pressure warning signal?

Test Low Pressure Warning Signal. Shut the engine off when you have enough air pressure so that the low pressure warning signal is not on. Turn the electrical power on and step on and off the brake pedal to reduce air tank pressure. The low air pressure warning signal must come on before the pressure drops to less than 60 psi in the air tank (or tank with the lowest air pressure, in dual air systems).

If the warning signal doesn't work, you could lose air pressure and you would not know it. This could cause sudden emergency braking in a single-circuit air system. In dual systems the stopping distance will be increased. Only limited braking can be done before the spring brakes come on.
[CDL Handbook: Inspecting Air Brake Systems]