Wiktionary
n. (context religion English) A Protestant evangelical theology rooted in the writings of http://en.wikipedia.org/wiki/John%20Nelson%20Darby.
Wikipedia
Dispensationalism is a religious interpretive system for the Bible. It considers Biblical history as divided deliberately by God into defined periods or ages to each of which God has allotted distinctive administrative principles. According to dispensationalist interpretation, each age of the plan of God is thus administered in a certain way, and humanity is held responsible as a steward during that time. Each dispensation is marked by a cycle. God reveals Himself and His truth to humanity in a new way. Humanity is held responsible to conform to that revelation. Humanity rebels and fails the test. God judges humanity and introduces a new period of probation under a new administration.
Usage examples of "dispensationalism".
The series is based on the tenets of premillennial dispensationalism, a theoretical -- and highly subjective -- construct of Biblical prophecies (and, on occasion, scriptures lifted out of context) that was explored in Michael Tolkin's disturbing motion picture The Rapture.