1:3 begotten us again. “Begotten again” is the same as “born again” in I Peter 1:23.
1:3 lively hope. “Lively”—that is, our hope in Christ is made vibrantly alive by His resurrection, which guarantees forever the ultimate defeat of Satan, sin and death, and the fulfillment of His promise of everlasting life. On this hope, see also I Peter 1:13,21.
1:4 incorruptible. Contrast I Peter 1:23-24. Corruptible seed generates only glory that fades away, whereas the incorruptible seed generates an incorruptible inheritance that will never fade away. I Peter 1:4 says the inheritance is reserved for us, whereas I Peter 1:5 assures us that we are reserved for the inheritance!
1:5 kept. “Kept” means “being guarded.” Our keeping is not by our works or even by our faith (though it is received through faith), but by the power of God. We are in His hand (John 10:29).