Status Effects are triggered by getting a critical hit with fire, cold or lightning damage, or having a chance to ignite, shock, freeze or chill.
It lasts for four seconds, and deals fire damage over time equal to a third of the total fire damage dealt in the triggering hit, per second. Multiple burns do not stack - if at any time something has multiple burn effects on it, the one doing the most damage is active, and the others are overridden by it.
Chilled slows all actions by 30% for a duration determined by the percentage of the target's max life dealt as cold damage by the triggering hit. Freeze is similar, but requires a crit or chance to freeze, and slows all movement by 100% (i.e. no movement).
Shock stacks up to 3 times, and increases damage taken by 40%. It's duration is worked out like chilled/freeze, but for lightning damage.
Durations of less than 300ms are ignored.