Not sure if it's a bug or a weird one time thing but thought it was worth a merit. Started a sorcerer and went on a quest after taking the perk in the OOC start area.
First time I died I lost a portal-damaged great sword, martial weapon. Simply vanished from my inventory.
Second time nothing occured when I died.
Third time I died all my gear was unequipped and my corpse appeared naked, but I had it all still in my inventory
PC:Kharn Gurym
ACcount: SlicetoMeatyou
This sounds to be something else weird than the background.
If anyone experiences the same, let me know.