Sorry, I'm not the best here, you need to make some own research. But the answer to all your questions seem to be YES. The last is, unless you do something, the OS will expire automatically.
1. How to Remove Change Password Option on a Windows 7 Computer When Ctrl+Alt+Del is Pressed?
2. Expiration Date: Change Password Age Policy When Users Have To Change Their Login Password
3. There is an expiration date for Windows 7 Home, Setting password expiration time off - Microsoft Answers
Hope this helps you. Best wishes.
If you don't want the password to expire:
Start Orb>Search box>cmd
When cmd appears in Results above, right-click and choose "Run as administrator"
Stop the Password Expiration - at the command prompt type:
net accounts /maxpwage:unlimited [enter]
You will get a message box: “The command completed successfully” and then you can close the command prompt.
(If you get access error 5, you didn't run Command Prompt as administrator.)