Final answer:
The 'PROCEED WITH CAUTION' signal indicates that drivers should slow down and be alert to potential hazards, proceeding with care.
Step-by-step explanation:
The PROCEED WITH CAUTION signal indication most nearly means to slow down and proceed with caution. This signal is designed to alert drivers to potential hazards and to proceed at a speed that allows them to manage unexpected situations.
It is imperative to reduce speed and be prepared to stop if necessary, as the situation may quickly change and lead to a need for immediate action. The intention is to maintain safety on the road by ensuring that vehicles are not speeding through intersections or areas where careful driving is required.