I referred to the "Dipped Shoulder Syndrome"....Caution Light illuminates along with a Master Caution....and immediately one crew member reaches for the Emergency checklist. That to me is very bad Karma or bad JuJu....and signals a great failure to "Think" first and act later.
Current procedures with major operators are (generally) the call "Standby - Master Caution" to alert everyone that there is a problem. Fly the aircraft etc. Complete NOP's. PF then asks the PM "What do you see?". They diagnose the failure and then the PF tells the PM to refer to EOP's. Obviously a major malfunction requires immediate action from the PF but otherwise the issue is resolved using GRADE or whatever mnemonic is the current fashion. Checklist comes at the end when required.