Correct, set to measure 12V, connect negative (black) lead to ground, positive (red) lead to points (yellow or blue) at coils.
When points are closed, current flows from battery through coil primaries to ground, meter will read 0.
When points are open, no current flows through coils, meter will read 12V.
When using a test light, connections are the same, light will be OFF when points are CLOSED, and ON when points are OPEN.
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