I suspect that we still call the Bible the "Word of God" because everyone reserves to himself or herself the right to interpret what that claim means.
1. Nothing can be added to the Bible. Adding books is wrong, and taints the Word of God.
2. The bible is sufficient, in that it contains all that we need for salvation.
3. The Word of God does not change. Now this does not mean that our perceptions of the text do not change, it simply means that the text itself remains as it was. This is why it is important to get as close to the original as possible.
4. The Word of God is perfect, in the sense that it contains no errors or imperfections with respect to doctrine. Now, this is a bit different from an inerrantist who believes that the Word of God is perfect in all aspects, which I don't go quite as far.
If you want a definition, of what they mean by the Word of God, go ask any Catholic or 'bible Christian', ie, an Evangelical who actually believes in the bible, and not Bishop Spoong, who does not.
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