If you have the drive out of a 95… then you may not have a carbon ring. 96 is when they started using them. 95 and earlier used a bearing pack, and lip seals. In that case… you would have 2 grease fittings on your boat. The first one would be on the PTO where the D-shaft goes into the engine… and the second would be in the bearings at the end of the boot.
The bearings and seals CAN live forever. If they are built right… and you keep it greased with good synthetic marine grease… you will never have a problem with leaks, or cavitation. BUT… the second that bearing pack dries out, and gets water in it… they can seize and rip the boot they are mounted to. When that happens, you have a 2” hole in the bottom of your boat that will sink you fast. That’s why they went to the carbon seal. It’s fragile, and doesn’t last for more than a few seasons… but it’s almost impossible to have a catastrophic failure.