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From The PSUPedia
Hit Points (or, more colloquially, HP) is a dynamic stat that determines the life energy of a Character. It is also the unit in which Damage is measured. Often, the term is used to indicate a character's maximum HP (or, max HP). For Monsters losing all HP will result in death, rewarding the slayers with a certain amount of EXP. For Characters losing all HP would result in a temporary Incapacitate status.