I've only seen "resisted death" once on one of my characters.

I can only imagine that what's happening is that the amount of HP damage being done is larger than the amount of HP left AND regenerated...Like if it was a chain of actions that first kills the character, then after the regen also wipes out the supposed 20%. Which sucks!

This is an example of how I'd have thought it would(SHOULD) work...Let's say it's round 4 in a battle, an enemy is up and they send an AoE attack that has a chaining effect (initial damage, then further damage via environmental effects). The initial damage killed one of your characters and while it's dead, there's the further environmental damage (while your character is just a ghost). The enemy then uses up their remaining points to cast a self-shield (or whatever) and then their turn is over...Upon the start of the next turn, is when Comeback Kid procs and your character comes back with the 20% life.

Now THAT makes more sense to me.