That's part of this ELT fight. All ELTs are still subject to the inspection requirements of 91.207.
(1) Proper installation;
(2) Battery corrosion;
(3) Operation of the controls and crash sensor; and
(4) The presence of a sufficient signal radiated from its antenna.
With the programmed codes present in the signal of a 406 ELT, I like to add 'checking for proper codes' in 91.207, (4). If you believe that any built in test function meets all these requirements, then, if challenged, where is the proof? Where is the measurement of signal power? And if the ELT is programmed incorrectly (country code, N number, etc) how do you know. It's very common to find incorrect country codes on newer aircraft and incorrect codes on aircraft recently bought/sold.
But If the ELT is tested on the correct equipment, all codes read out for verification, signal strength is measured (406, 243, and 121.5 mhz), and the time elapsed on battery usage is read out.
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Kind of a catch 22. The ELT provides instructions on how to test (instructions for continued airworthiness) to comply with the 92.207(d) requirement. Since the 406 mhz ELT is not required by 91.207, there is no requirement to test that portion of it, only the 121.5 part.
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