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just google searched "PTC is a resistor with a Positive Temperature Coefficient". When the temperature rises the resistance of the PTC increases. So my assumption in this case it's acting as thermistor, as current raises > temperature raises > Increasing resistance, and switching action takes place to limit current.
Sumit, Thanks for additional info. I assumed this can whisper find yourself :-).
Has this been used with in the io card or we have to use in the loop outside the io card to limit current when accidently high voltage is applied at the input.
Whisper check next link and document 3BSE020924 (all info regarding modules):
yes, current limitter (PTC) is included up to 30VDC.