P1F:
There is a HUGE chunk of your training that practices for this (even more in chopperopterers).
If you fly enough, it very well might happen. But you should have been trained for it (and after qualifying, practiced for it).
But it is less likely to happen, statistically, than
a) divorce
b) dying in bed
c) dying getting out of bed
d) dying going downstairs for a cuppa.
etc etc
So don't be frightened of it, get the correct training and keep in practice. (Flying that is, not marriage or bed habits).
I'm still waiting for my first engine failure; I am well overdue, but I do practice an awful lot.
[edited to add that I sort of did have one many moons ago...I pulled the fuel knob out instead of the carb heat...but I was within gliding range of the runway, and thought it would be better to land rather than fluff up the correct position of the controls.
And more recently, I had to turn mine off in flight, because oil pressure went to zero. I was overhead a 2-mile long runway at the time, and landed OK, problem was finger trouble on the part of the oil filter replacement maintenance chappie who failed to tighten it up 20 minutes previously...I can tell you, I gave myself a right good slapping.]