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You're right. It's the low coolant level sensor. With it broken, the buzzer will turn on and stay on. If you make a little ground wire and plug it into where that went, it will turn the buzzer off. Reinstall that and order another one if you want. I deleted mine.
I’d get another one unless you happen to have an alarm on an aftermarket temperature gauge. The low coolant level alarm is about the only worthwhile thing on the stock temp gauge. And that sensor isn’t all that expensive.