Prophecy; Prophet

Concise Bible Dictionary:

The scriptural use of the term “prophecy” is in no way confined to foretelling events, nor is that its primary significance. It included any communication which God saw fit to make either to His own people or to any of the nations. God said to Abimelech concerning Abraham, “He is a prophet, and he shall pray for thee” (Gen. 20:7). Aaron was called the prophet of Moses (Ex. 7:1). God’s power came at times upon individuals who were not recognized as prophets, and they prophesied, as for instance Saul in 1 Samuel 10:10-11. Prophecy became in Israel the means, through mercy, of God’s communication to the people when the priesthood with Urim and Thummim had utterly broken down. It came in by Samuel. Elijah and Elisha prophesied in the midst of apostate Israel. Nathan and John the Baptist were also prophets. Of some of the prophets no prophecies are recorded, while others are only known to us by what they wrote under the inspiration of the Holy Spirit.
In the New Testament we read that Philip had four virgin daughters who “prophesied”; and Agabus foretold that Paul would be bound at Jerusalem and be delivered to the Gentiles (Acts 21:9-11). Prophesying is, however, in the New Testament also used in a different sense. The word is from πρόφημι, “to speak forth,” and a prophet may therefore be described as a spokesman of God. Prophecy of this kind is a gift in the church for the edifying of the saints, bringing God’s word with power upon their consciences and hearts. It is the gift of most importance in the church (1 Cor. 14:1-5,24,31,39; 1 Thess. 5:20).
In Romans 16:26 the writings of the New Testament are spoken of as “prophetic scriptures,” and the assembly is built on the foundation laid by the apostles and New Testament prophets (Eph. 2:20), that is, the truth taught by them.

From Anstey’s Doctrinal Definitions:

There are two kinds of prophecy mentioned in the New Testament:
•  Prophecy which foretells future events and also conveys revelations from God to the saints (Acts 11:28; 21:10-11).
•  Prophecy that tells forth the mind of God from the Word of God in such a way that it results in the “edification, exhortation, and comfort” of the saints (1 Cor. 14:1, 3).
The first of these was found in the early days of the Church, but when the New Testament Scriptures were completed, this aspect of prophecy did not continue. The Church was “built upon the foundation of the apostles and prophets” (Eph. 2:20; 3:5). Once the foundation was established, these two foundational gifts were no longer given to the Church by Christ. However, we still have their foundational ministry in their inspired writings in the New Testament. The second kind of prophecy is still in function today.