Chip lights:
Chip lights are designed to be an indication that something is coming apart but doesn't necessarily mean that the failure is imminent.
In many fixed wing turbo prop aircraft the engine chip lights are disabled in flight by the weight on wheels switch. If an engine is making metal you won't get an indication until after you land.
I had an engine once that started to howl (beaing noise) I decided to land and on approach the engine chip light came on; in this case the engine was coming apart. Landing with a chip light is NEVER a WRONG choice and with a gear box chip light it is ALWAYS the RIGHT CHOICE!