Yes, when a character’s Health is reduced to zero, he or she is incapacitated for up to five minutes. Note that this debuff lasts for five minutes and stages up to a maximum of five times.
During this time, a teammate may resuscitate your character by using an appropriate mutation ability or medical item; otherwise, you will automatically resurrect in the nearest LifeNet pod at the end of the waiting period. Of course, a quick trip to the LifeNet pod is available for anyone who doesn’t want to wait out the full five minutes.
When a character resurrects in a LifeNet chamber, he or she suffers penalties to either their XP or stats. The more often a character dies within a short span of time, the greater these penalties become. In no case does a dead character leave a lootable corpse behind, so there’s no stealing a player’s gear, mount, or vehicle.