This amulet prevented loss of all items, levels and skills, effectively nullifying the death penalties. It also would break after user's death. All of these amulets were turned into Broken Amulet in the Update 7.2. The closest replacement for this amulet is the updated version of it, the Amulet of Loss.
The main reason why it was removed was because of its potential to propagate power discrepancies without many consequences. For example: A high level sorcerer could cast ultimate explosion multiple times in a crowd and kill many players without many repercussions. For extremely wealthy guilds and players, one strategy would be to cast it repeatedly, die, equip a new amulet and immediately go back at it. This of course, was a costly, but effective strategy. After all, it had the potential to kill hundreds of players a day, potentially giving massive advantages against warring guilds' enemies. Also in the process, leaving causalities on innocent players.
- This item is not dropped by any creatures.