Yes they are called runes... minors give a +1 majors give +2 (-50hp) and superiors give a +3 (-75hp). Not 100% sure on the health penalties but yes they do exist you double click the rune and then click the peice of armor that you want to apply it to. Further you can only use runes that apply to your primary profession and even if you are wearing a set of armor with two peices that have a rune boosting the same stat only one of the two bonuses will apply.
Example in case that wasn't clear enough: You apply a minor divine favor rune to your chest armor your divine favor attribute jumps from 11 to 12. Adding a second divine favor rune to your armor affects no change on the divine favor attribute.
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