I’ve heard a failed lifter and exhaust manifolds both referred to as the hemi tick.
However in my opinion the hemi tick is a slight ticking noise that appears usually on a warm engine but is not an immediate sign of a failure or issue, since it seems to be present on a new or well used engine. It just seems to be a thing they do. Likely due to internal engine tolerances and noise resonating through out the engine.
Some are lucky that using a certain oil helps rectify the noise. Others not so much.
It can be annoying but it doesn’t really seem to be any sign of an actual mechanical failure, it’s just a noise they make.
Compared to something like a direct injected engine, or in my case a hemi with forged rods/pistons a stock hemi is whisper quiet. Both those can produce a lot of mechanical noise that will make you appreciate the slight hemi tick.