Don't forget that your check engine light will come on (blink for five seconds or so) every 6000 miles to remind you of oil changes.
Yes, there is a section in the owners manual that gives the procedure to turn it off.
Color and blinking is correct, but its the maintenance required light you refer to.
The MIL (SAE's definition of the Check Engine Light) is different and potentially requires more immediate attention.
Clearing it only requires temporary disconnection (60 sec or so) of the 12v battery. However, on the Insight I believe this also causes a IMA battery Regen. Something that should not be routinely forced. And most Insight drivers don't like the temporary lower MPG / power during the event. You will make diagnosis of the MIL event impossible. There are several dozen "codes" that cause the MIL to come on. And none will be retrievable after a reset.
Several have an early warning potential of impending secondary damage. _Generally_ you are safe for an indeterminate amount of time to ignore the MIL as long as there is no noticeable seat of the pants performance losses. There are uncommon exceptions to this generality so do it at your own risk! _Anytime_ there is a distinct loss of performance or power _and_ the MIL comes on in response, the car should not be driven. There are specific instructions in the owners manuals of most cars for this situation, usually slower and limit miles, but the risk of secondary ($$$) damage is not zero.