Not on a Volvo.
That may not do you any good because the L2 terminal can be dead and the rest of the alternator can still work.
As Bruceb58 mentioned it sure sounds like you have a partially defective alternator most likely at the L2 terminal. Probably at the alternator rectifier diodes trio which is all explained in the links below for you. The Volvo service manual is nice because it gives you some pretty good steps at repairing the alternator yourself if interested but Volvo doesn't sell any of the parts needed for a rebuild. You'd have to find the parts needed on your own or have a rebuild shop do it for you. Or there is always the option of new. The manual mentions with the key on, engine off, the L2 terminal should be 1-2 volts then jump up to 13-14 volts when running. Hope this helps, good luck.
