Spirit Bond question

can someone clarify for me how this spell actually works? from what i understand, every time during the 8 seconds its active, when you take 60 damage, you're healed for x amount?

for instance, you're hit with a fireball for 100 damage, you're healed 88. then you're hit with a lightning orb, for 120 damage, you're healed again for 88?

or am i wrong with how this works?

that is correct.

But say you have 100hp left and you are hit for 110 damage. will you die or be healed for 88 and then take the 110 damage, leaving you with 78hp?

I think it is worth saying for clarification, that the effect also triggers before protective spirit reduces the damage.

For instance, you have 480 health and you are hit for 120, it will trigger spirit bond because you were hit for 120, but protective spirit will reduce that 120 to 48, while still triggering spirit bond. Its the primary reason many monk farming builds for work (and its an excellent leveling tool when you are getting through entry level areas for monk legendary survivor).
To my knowledge you need at least 1 health left for the healing to take place as the damage hits first, then the heal.

It is heal then lose hp if I am not wrong.

It heals before the damage is taken, so you would have 78hp.