Alisha,
If there is no power coming from the Generator, then there is no power to overheat the load bank!!! Load banks only come on line when Genny is on line and load is too low for the drive engine to operate efficiently. Example, load bank will drop out when Alternator is is supplying over 65/70% of it's nominal rating. Apart from that, it is highly unlikely that resistive elements will over heat as you put it, they are rated for the make-up load of the Genny and normally positioned externally in open air, but protected enclosures from the Genny building/room. They don't rely on forced air cooling, even if so provided, theoretically they can in extreme circumstances glow red hot, ......but that's not going to happen if there isn't any power supply to them, because the Genny tripped out or failed to start!!! ...is it ??