Hey Mark, thanks for reaching out with the question!
The way we have lives set up is each incorrect answer takes away one life and you can't play when you have no lives left, so two lives means on your second incorrect answer you would be eliminated.
I realize there is some debate with life systems in games whether it should be game over after dying at 1 or at 0, our lead developer was firmly in the 1 camp. One theory is that lives as a concept came from pinball, two balls would be two goes on the pinball machine.