I agree with Todd.
It's helpful to recognize that the FV fellows speak in a variety of ways.
Here's an account.
There is also this:
available from the
Reformed fellowship but they don't have it on the site yet.
Here's a short answer:
The only place we know that Christ works savingly is in the visible church. Not everyone in the visible church, however, is either a believer or elect (i.e., one who is elect but who has not yet come to faith). The way we have historically spoken about the difference is the distinction between the visible and invisible church. The invisible church describes all the believers in all times and in all places, but the visible church is ordinarily within the visible church.
Another way that Reformed folk have historically spoken is to distinguish between those who are in the covenant of grace externally (i.e., all the baptized) and those who are in the covenant of grace also internally, i.e., those who, by true faith, have possession of the benefits of Christ.
The FV tends to deny or muddy or redefine these distinctions. The consequence of denying the distinction is to say, as they do repeatedly, that every baptized person is in possession of the benefits of Christ temporariliy and conditionally. This is how they understand apostasy. There are "real" Christians, they say, who become apostate. They deny being Arminians because they confess a theoretical, parallel "election" that is unconditional. The problem is that they often conflate those two. When we point that out, we're accused of not allowing folk to think or speak in biblical terms.
Perhaps the two pieces linked above will help.
rsc