Yes, you can fly on one engine. That's a big reason why they have two. A King Air 200 will fly on 1 engine, but it won't fly on 3.
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The King Air 200 is a twin-engine aircraft, which means that it has two propellers and two engines. This makes it more complex to fly than a single-engine aircraft. The King Air 200 is also larger and heavier than a Cessna 150, which means that it requires more runway to take off and land.