What happens to an iOS app when a provisioning profile expires?

Question. What happens to an app when the provisioning profile used to build it expires? Does the app still launch on the device? Dos the app ever "call home" every few days/weeks to Apple to see if it is still valid? I would assume that it would not (once its installed, its there), but if the phone was ever lost, and needed to be restored from backup, I would assume that the app would no longer work in this case, as when it calls back to apple, it is deemed not valid. Forgive my simple question, but is my assumption correct?