Most flashers have a built-in feature to indicate that there's a burned out bulb (or at least some circuit problem putting less current on the circuit) -- less amperage results in a faster rate, so if you have a front and rear bulb blinking, it will flash at a normal rate; but if one or the other bulb isn't lighting (burned out, loose in the socket, or not grounded adequately), the flash rate will increase substantially. And that's your cue to go look for the non-functioning bulb.
Curiously, when someone puts LED bulbs in their car in place of incandescents, again they will observe that speeded up flash rate, because the LED bulbs use far less current, and to the flasher, it's as if a bulb isn't working. The usual "fix" is to add a resistor to mimic the load of an incandescent bulb (but this negates the advantages of using less current), or else (per my article in Rolling about converting to LED lighting) replace the flasher with another that does not have the burned-out-bulb indicating function!
This increased blink rate warning only works, however, with the turn signals. The 4-way, hazard switch that blinks all turn signals simultaneously uses the same flasher as the turn signals, but it seems unaffected by a burned out bulb -- i.e., the flash rate will remain unchanged even if a bulb is burned out.
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