Scheduled maintenance and inspection development is one of the main requirements for emergency equipment and safety devices. These types of devices have hidden functions which are used intermittently or infrequently, so their failure will not be evident to the operating crew. The analytical model presented in this paper deals with the periodically tested units with overhauls (preventive maintenance) after certain number of inspections and a renewal after a series of overhauls. The cost based optimization method presented in this paper identifies the optimum interval and frequency of Failure Finding Inspection (FFI) and restoration. In the proposed model, repair due to failures found by inspection makes the unit As Bad As Old, and restoration/overhaul action rejuvenates the unit to any condition between As Good As New and As Bad As Old. As Good As New effectiveness also is considered for renewal action. It considers inspection and repair times, and takes into account the costs associated with inspection, repair, restoration, and also the cost of accidents due to the occurrence of multiple failure. The results show that when the unit is not under aging process, the optimal alternative for each inspection interval is the one with highest possible number of inspection without restoration. Finally, it is observed that when the cost of accident is quite high it is needed to perform inspections at smaller intervals to control the risk of accident.