qship96 wrote:Pretty sure every modern alternator has a "voltage regulator" built in.
Yep, the regulator is designed to keep the alternator's output voltage within a safe range.
Most regulators are designed so that if they fail, they kill the alternator's output, rather than allowing it to go full-tilt. So, your engine eventually dies when the battery runs down, but nothing else gets ruined due to excessive voltage.
There is also a sense wire between the regulator and battery - The regulator uses it to measure and adjust the amount of charging voltage being applied to the battery. Most regulators are designed so that if this wire ever opens up, the maximum alternator output voltage is limited to some reasonable value, rather than going through the roof.