No, although I'd love to see a HealthKit app that uses your Apple Watch as a dead man's switch, and disables Touch ID or powers the phone off in the event the watch is removed or your pulse is no longer detected.
If you take the watch off, it automatically locks. I wouldn't mind it also automatically locking my phone and requiring a passcode instead of TouchID.
There is a VERY limited amount of time in which you can take the watch off and switch to another wrist (like milliseconds, you have to practically be a magician to switch wrists (which I do throughout the day)).
Apple has the watch, they could use it to beef up security for those that want it.