Actually, both have happened. But as a rule, it will give you warning signs, such as, a loss of top end power, hard starting, an annoying tick from the left side of the motor, even leaking fuel.
But there are tests. One is, a pressure test. But that may be inaccurate due to a bad or warn overflow valve.
I would suggest doing a search for "lift pump". Read the posts and you will have an idea of what to look for in your rig.