1. The worst case failure mode of a switching regulator is the short-break of the upper output driver FET, that may cause the output of a switching regulator to become directly connected to VIN. However, this situation is almost unachievable, since there is a number of protection features. First, each switching regulator has the programmable current limiter. Then, the whole chip has the thermal protection circuit that shuts it down in case of excessive overheating.
2. The Vref voltage for the regulator's voltage comparators is generated internally to the chip.
Have a great day,
Artur
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