It should be fairly simple:
Light comes on while you´re at home:
Shut down, let engineering sort it out.
Light comes on while you´re away:
Pull the plug, check for particles.
If there are any: Take a good picture, and use some white tissue to save the chip to take it home with you.
Run up the aircraft again for a ground run (min.5-10 minutes).
light comes on again:
That´s it, you´re staying there...
Light stays off:
Continue flying.
NO, NO, NO and NO!
In the event of a chip light you will inform your maintenance provider before further flight. Pilots are NOT qualified to make an assessment.
You may have NO knowledge of the previous history of chip lights to date.
i.e. with an RR Allison as compared to a Pratt the regime is completely different. On a Pratt you will not see a 3rd chip light indication before it comes apart!