This is a philosophy that a lot of people use, although I'm not entirely comfortable with it. They think it looks better to guess and have a 50% chance of getting it right than to admit to everybody in the gym that neither one of you has any idea about what happened.
This is something that you should pregame and decide how you will handle it as a crew. I will say that I once watched a WNBA game in which one of the officials was a former poster to this forum. Ball went out on the endline, opposite the Lead. Lead looked to Slot, Slot looked to Trail. No one knew and no one guessed. They jumped it up.
It does happen; and different folks handle it different ways. I don't like admitting that I didn't see it, but hey, I didn't see it.
And BTW, no, I don't know what you mean by "the obstructed eye sign".