When the Israelites were in the Wilderness, there was rebellion against God. Moses asked who was on the Lord's side:
Exo 32:26 then stood Moses at the gate of the camp, and said, Who is on the Lord's side? let him come to me. Then all the sons of Levi came to him.
So this is how Levi became the CHOSEN of the Old Covenant. Now understand that the old covenant was a TYPE of the New Covenant. Therefore, in this dispensation there is a CHOSEN also.
The Tribe of Levi was chosen to be priests and administer in the Temple and atone for the sins of the rest of the congregation of Israel.
Now when we come to the New Testament, we see that the Gentiles have been grafted in to that congregation of Israel. Israel is now referenced as a Spiritual Entity where circumcision is of the heart.
So the chosen people in this dispensation will be the New Covenant Priests that will administer to the rest of the Congregation (rest of humanity) when Christ returns.
So if we understand the meaning of the Chosen then we will understand that there has to be a reconciation that happens after the return of Christ.
Let's recall what the Levites were too do when they were chosen:
Exo 32:27 And he says to them, Thus saith the Lord God of Israel, Put every one his sword on his thigh, and go through and return from gate to gate through the camp, and slay every one his brother, and every one his neighbour, and every one him that is nearest to him.
Now under the New Covenant the Sword is the WORD OF GOD. So everyone will be slain by the Word of God which is also the Spirit of God. This means that all will eventually lose their life and gain His (Life of Jesus Christ).
We are currently in last Jubilee year before the return of Christ.