I didn't know what Dispensationalism is, so I looked it up. I've seldom encountered such a poorly defined concept. I can only assume that this is because it is so poorly and variously understood by different authorities. But here is the basic understanding, culled from the Internet, for those who, like me, had no idea what it was:
The two most recognized features of Dispensationalism involve belief in (1) seven dispensations and (2) a pre-tribulational rapture of the church in which the church will be snatched to heaven before a coming seven-year Tribulation Period.
Apparently "seven" is a magic number for these people.
First, while affirming that salvation has always been by grace through faith alone, Dispensationalism teaches that God has worked in different ways in different eras of history. Dispensationalism often taught that the various dispensations involved a test for mankind, a failure, and then a judgment. This then would be followed by another dispensation. These seven dispensations are (1) innocence; (2) conscience; (3) human government; (4) promise; (5) law; (6) grace; and (7) kingdom. Not all dispensationalists agree on how many dispensations there are and what they should be called. While belief in seven dispensations is held by many, others say there are anywhere from four to eight. Plus, some have differed on the criteria for determining a dispensation.
Also, Dispensationalism is known for affirming a pre-tribulational rapture. This involves the idea that the church will be raptured or snatched to heaven before a coming seven-year tribulation period. This tribulation or Day of the Lord includes God’s judgment on an unbelieving world.
Here's a better listing of the seven "dispensations," which I take to mean benefits given by God to mankind in seven allotments. Each is apparently accompanied by its own special prophecy.
Innocence (pre-Fall)
Conscience (Fall–Noah)
Government (Noah–Abraham)
Promise (Abraham–Moses)
Mosaic Law (Moses–Christ)
Grace (current age)
Millennial Kingdom (1,000 year earthly reign of Christ, yet to come)
(post is archived)