Well, my original idea was something like this:
I dunno. Since there isn't any instant death spell, I envisioned it more as...
*Merka stabs you through the heart!*
*The Amulet of Resist Death glows!*
*You retain consciousness up until the last drop of blood is spilled from your body.*
So basically the item sounds awesome, but in an unoriginal IVAN way all it does is surprise you in a mean way. That being said, my idea doesn't make the game any better so maybe not that.
So a better idea: Amulet of resist death could work as a life extension: If you die, you sort of don't die... Until you take the amulet off. After a while the amulet burns, and if you forgot to heal, you die.
Or maybe: In the event of death, you won't die in another few minutes, during which you're practically immortal... But when those minutes are up, you'll die. It should be extremely hard to cancel the death!