its more prevalent on reed induction engines. and can really only happen when the pump is unloaded. basically what happens is something throws the delicate balance our skis run on out of wack, usually an air leak some where or wrong carb tunings. the engine runs lean and produces excess heat. a hot spot forms on the domes of the head or tip of the spark plug becomes overheated and the compressed fuel air mixture is ignited by the hot spot or plug tip. so your ignition system is no longer controlling the detention of fuel and air. this is also know as "dieseling."
now why this usually doesn't happen on the rotary value motors is because of the rotary value itself. since its controlling when fuel is delivered and how much, then closing the port, the reaction is not allowed to get to badly out of balance. unless the air leak is in the cases or head, still however, its some what controlled, where as with reeds there is nothing stopping new fuel from continuously being drawn into the combustion chamber.
now to stop the "runaway" you have to upset the reaction that's taking place. and there is more than one way to do this. as you mentioned this is normally done by pulling the choke because it does 2 things toward ending the reaction, and does it quickly. first it restricts incoming fresh air and floods the chamber with fuel cooling down the hot spot and flooding the engine and restricts incoming fresh air.
now if you don't have choke plates, you still can disrupt the reaction that is taking place, its just not as simple. the easiest and quickest method is to just pull the lanyard and open the throttle wide open. the sudden influx of cool air and fuel will flood the engine and re stabilize it and so long as its not getting ignition spark, will stop the runaway.