im talking about this

what this exactly means? is it that on every hit i get from mobs/players, i get a healing percenteage based on the damage i got?
example of what i mean:
i get hit by a mob for 200 damage. if the stat in one of my equips have 15% LP regen i will get 30 LP restored back...is this right?
if im correct, my real question is this: if i get armor with 33% LP regen, pants with 33% LP regen and boots with 34% LP regen, will i be invincible since i will regen back 100% of the damage taken??
it sounds kinda strange but is this possible?
thanks!!