The phrase 'Word of Faith' refers to a loosely knit group of protestant faith communities and the Word-Faith theology that unites them. Their shared theology has three core beliefs; first, that the Bible is a contract between God and humanity that specifies everything humanity may possess contingent upon believers fulfilling their “contractual obligations"; following from this, it is God’s desire for Christians to be healthy and wealthy and thus live the kind of “victorious†and successful life that Jesus lived; finally, the practice of “Positive Confessionâ€. This last is the belief that if believers proclaim their desires and/or the very words of scripture, their desires and/or proclamations/confessions will be granted. This practice is widely known as “Name it, Claim it†or “Confess it, Possess itâ€. Many Word of Faith adherents trace the genesis of their “revelation†to Rev. Kenneth Hagin Sr., 1917-2003 (whose ideas were derived from the work of Rev. E.W. Kenyon, 1867-1948). Adherents include Kenneth Copeland, Creflo Dollar, Jerry Savelle, and Jesse Duplantis.
Read an article on the contemporary Word of Faith movement here.