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This may also read, "By whom we were also made an inheritance." That is, believers are God's treasure. Why would Paul regard this as a blessing? As God's treasure Christians are the apple of His eye, the special objects of His love. He is then determined to care and provide for His people who are His heritage.
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Romans 8:28-29 "And we know that all things work together for good to them that love God, to them who are the called according to his purpose. For whom he did foreknow, he also did predestinate to be conformed to the image of his Son, that he might be the firstborn among many brethren".
Propitiation is the act of God, motivated by His immense love, whereby He accepts the blood of Christ as the complete and satisfying sacrifice for all human sin, thus establishing a means of reconciliation between God and man. While the offering of the blood of Christ was a sufficient propitiation for the sins of the whole world (1 John 2:2), the complete benefits of His sacrifice are available only to those who by faith accept this provision for sin. The first occurrence of the Greek word for propitiation in the New Testament is in an expression used by Peter, sometimes translated as "God have mercy on you" (Matt. 16:22). Ironically, it was only because mercy was not extended to Christ in His suffering that propitiation was made for Peter and for the world. Those of us who have benefited from this expression of God's love ought also to love one another (1 John 4:10-11).