VALLEY REFORMED CHURCH
Savoring God through literacy in His literal Word
L stands for limited atonement. The name is potentially misleading, for it seems to suggest that reformed people want somehow to restrict the value of Christ's death. This is not the case. The value of Jesus' death is infinite. The question rather is what is the purpose of Christ's death, and what He accomplished in it. Did Christ intend to make salvation no more than possible? Or did He actually save those for whom He died? Reformed theology stresses that Jesus actually atoned for the sins of those the Father had chosen. He actually propitiated the wrath of God toward His people by taking their judgment upon Himself, actually redeemed them, and actually reconciled those specific persons to God. A better name for "limited" atonement would be "particular" or "specific" redemption.
I stands for irresistible grace. Left to ourselves we resist the grace of God. But when God works in our hearts, regenerating us and creating a renewed will within, then what was undesirable before becomes highly desirable, and we run to Jesus just as previously we ran away from Him. Fallen sinners do resist God's grace, but His regenerating grace is effectual. It overcomes sin and accomplishes God's purpose.
P stands for perseverance of the saints. A better name might be "the perseverance of God with the saints," but both ideas are actually involved. God perseveres with us, keeping us from falling away, as we would certainly do if He were not with us. But because He perseveres we also persevere. In fact, perseverance is the ultimate proof of election. We persevere because God preserves us from full and final falling away from Him.
Taken from “Reformed Theology” by James Montgomery Boyce