You would test a TVS just like you test a Zener diode - variable voltage source through a resistor to the device. Ramp up the voltage until there is a voltage drop across the series resistor. The specs give a test current and the voltage range for that current. Our AC units would require this test twice, once with each polarity. I would keep currents down below 50 mA, which would be less than 2 watts. (If you have a good laboratory-grade adjustable power supply with adjustable current limiting, you can eliminate the resistor and just watch the output CURRENT as the voltage is ramped up.
A TVS is like any other semiconductor device. If the spikes do not exceed its rating, the device will not be degraded, but large spikes can cause excessive heat, and that melts the semiconductor materials, Our devices are rated at 1.5 Kilowatts, but only for a brief instant. Steady state they are only good for a couple of watts.
DO NOT use the above test while the device is still in the protected circuit! This would be applying excessive voltage to the device that is supposed to be protected.