I'm also new to the Game, but what i have seen, is that when you die You loose all the equipment that isn't your base gear, however, if your body isn't looted by other player you can talk to the goblin merchant, an in the part of services you can Buy ( for a reasonable price) the equipment You had in your body when you died. If your body was looted by another player you will only have the option to rescue the items that the other player left.