^ that is not how it works.
There are two scenarios, and neither look that way.
With V-sync, there is a rule in DirectX that forces every frame created to be viewed. It cannot make new frames until the oldest created frame is displayed, which is why V-sync caps you at your refresh rate.
Without V-sync, your monitor reads and displays the contents of the front buffer over the majority of time allotted for the refresh. At the same time, the GPU creates a frame, and when it completes the frame, that frame is sent to the front buffer before it starts a new frame. This usually happens at the same time the monitor is updating its image, which results in the monitor continuing updating its image with the new contents of the front buffer. This causes tearing, but it is also displaying all those frames created, but many of them are just partial images.
No frames are skipped, unless you are using triple buffering and OpenGL together. Those games are not OpenGL games.