Are you running the test.exe from the same folder you've given the Installer or Updater policy? That is a very powerful policy and should be able to do whatever it wants without alerts.
From the help file
Note on 'Installer or Updater' Policy : Applying the Predefined Policy 'Installer or Updater' for an application defines it as a trusted installer and all the files created by the application will also be considered as as trusted files. Some of the applications may have hidden codes that may potentially impair the security of your computer if allowed to create files of its own. Comodo advises you to use this Predefined Policy - 'Installer or Updater' with caution. On applying this policy to any of the application, an alert dialog will be displayed, describing the risks involved.