The Grim Reaper looking fellow on the bridge is the embodiment of death while the demon like creature is judgement. The ghosts on the death side represent the souls awaiting judgement while the spider, vulture, and hell-hound, bats, and skulls represent fear and death.
On the life side everything is green and growing representing (of course) life. There's a river, turtle, and dog to further the liveliness of this side. But behind the tree is an archer to illustrate the uncertainty of life. The bridge between life and death represents the inevitability of death while the gate on death's side illustrates that it's a one-way trip.
Ulfric Ax-Breaker was once a peaceful blacksmith. But during the Platinus invasion of Dragswood his entire village was destroyed leaving him alone in the world. He then turned his smithing skills to the making of a weapon that would aloud him to avenge his friends and family. The giant mace-like weapon he forged from the axes of defeated foes became known and Ax-Breaker and with it in hand he set out to on his quest of vengeance.
