Ordinarily, I won't PAN or declare an emergency for a "chip" caution (unless there are secondary indications of trouble) providing the RFM doesn't require an immediate change of plan.
Even the RFM can confuse you unless you understand the authors terminology. I consider the following as useful definitions:
Land immediately-Survival in doubt with continued flight. Right now, right here...
Land as soon as possible-Continued flight not recommended. Put the aircraft down as soon as suitable, safe site available. That flat place over there, for instance...
Land as soon as practical-One may continue the flight-everything you do will be second guessed by an official investigation-you'd better be right if things go wrong. If the destination is suitable and appropriate...