Is it possible to say that one can be "in covenant" (by that I mean to be like one of the ethnic Hebrews who were included when Abraham made covenant with God, even before they were born?) and "not elect"?

The word "elect" is another one with which I struggle here. I have always understood that if one is elect, then one WILL be saved, infallibly, as Pilgrim puts it. Perhaps it is a chicken-and-egg thing; which comes first? My understanding is that one is in covenant because one is elect, not the other way around. But if that is the case, then how could God be in covenant with a whole people, and some not be elect? <img src="/forum/images/graemlins/help.gif" alt="" />
Please tell me what are the differences between "elect" and "In covenant".

Stand Fast, Craigellachie!