I'm a bit confused on the carrier Life bit.
If you are not Dead, then Life is of no benefit to you. If you get hit with a Life spell, would you call "No effect" and appear to be immune to Life or "Taken", but have no appreciable effect? You're not Immune to Life, so I guess I'm kinda confused why you would call "No effect" if down to no armor, but being stricken by "<X> Life".
Similarly, if you have, oh, a Magic Armor active, and someone casts Magic Armor at you, would the appropriate call be "No effect", or "Taken"?