Remember when your CV used to sit in a dusty folder in the depths of your computer to be dragged out and dusted down every time you wanted to apply for a job? Well, that is basically the opposite of live.
Live means Alive! Your Bio is alive and it is always on, showcasing your newest skills, achievements and most recent experience.
Whenever you edit your Bio the Companies that you've already connected with will only see the most recent version of your Bio. If, for example, you add a new skill after you send your application your connections will see this the next time they view your Bio, without you having to re-send your Bio or re-apply to the role.
This means that your Bio will grow as you grow.