Leaving yourself an out
I was driving home yesterday, watching other motorists in the "fast lane" speeding, weaving lane to lane, and much to my dislike, following much too closely. These motorists are reducing or eliminating their "out" if something pops up to surprise them.
There's lots of history and wisdom in flying to remind us to leave ourself an out as often as possible. This historic advice is probably largely borne of less reliable engines of the distant past. Now, our [mostly still old] engines seem more reliable. But they still do quit, which is one example if suddenly needing an out.
Often when I see a video of a GA plane doing a "STOL" takeoff, an enviable short ground roll is followed by a super steep, slow climb away - no out! If it quits, that plane is doomed.
On another thread, it has been amply reported that a Stearman pilot flew very low over the water, was that pilot prepared for a ditching? Did they need to be that low over the water? Let alone the silly pilots who waterski their wheelplanes. Are they prepared for ditching? Do they need to fly so as to have no "out"?
Unhappily, a major cause of engine failure is entirely pilot induced - fuel exhaustion. Your out, in that case is assuring that you're carrying the fuel required for the flight, and a decent reserve.
There are lots of examples of pilots who choose to fly in a way, knowingly or otherwise, where their "outs" are limited or none. It's always worth reviewing what you'll do if your situation suddenly becomes worse, have you done the most to make the best of it? Can you describe to the insurer and the accident investigator what you did to minimize risk?