If I invented a new wonder drug that would instantly cure pneumonia, wouldn't it be OK to say that it will also cure pneumonia that begins as a common cold?
Seriously, most "hot spots" that I have encountered in appliance cords have developed either near the plug, or at the appliance end, where most of the flexing occurs during use.
Individual strands break until there are only a few conducting, and finally they let go and one of the conductors opens. It would be a quite a coincidence if both conductors were to break at the same time.
I believe that most appliance cord failures begin as series arcs. Fortunately, it is difficult to maintain a series contact arc. Usually the device stops working and this results in the required repairs being done.
My wife is complaining that she has to hang the iron cord a certain way to get the iron to heat up, so I guess I had better go fix it before it develops into a parallel arc.
Ed