Hi Christopher-With a DMM yo u can only check to see if an MOV is shorted. To properly test it you'll need a current-limited variable voltage bench supply. The supply will need to generate a high enough voltage to exceed the rated clamp voltage of the MOV. Simply set the current limit down low- maybe 10 milliamps or so, and then begin raising the voltage. You should see little, if any, current increase until you approach the clamp voltage. A couple things to keep on mind- First, MOV's aren't generally as precise as zener diodes, and their turn-on characteristic is more gradual then a zener would be . .Also, after an MOV absorbs a bunch of surges it can lose the ability to handle a lot of current. It's often more trouble to test for this an its worth. If you see an MOV that looks like it has been hot it's best to replace it.-Rick