Sorry Serumas, but this is not correct. E.g Box2D has what is called a TOI solver to handle collisions in the order in which they occur. Ipion (the physics engine used in Half-Life 2 and which later was merged into Havok) had one as well. Havok also solves TOI events. I am also aware of other in-house physics engines which solve TOI events.
If you want to have a look at an example TOI solver I recommend looking at Box2D source code. Check b2World::SolveTOI()
Erin also gave a great presentation this year at the GDC how to calculate the TOI between two objects. It is an improvement of the Conservative Advancement method suggested by Mirtich.
You can find the downloads here: https://code.google.com/p/box2d/downloads/list