Answer
Not exactly. It means that, after a large number of times, $N$, an experiment was repeated, the event $E$ was not observed; that is, $fr(E)=0$. So, $P(E)=\frac{fr(E)}{N}=0$. But, this does not mean necessarily that it is not possible to happen.
Work Step by Step
Suppose you decide to observe the value of a determined stock. After 500 days the stock has lost no more than 12%. Can you conclude that the stock will never lose 15%, for example? No.
Thus, note the difference between a modeled probability and a theoretical probability. For example, using a theoretical probability, we can say that it is impossible to get a 7 on a single dice roll.
