If it means we are saved by the Blood of Christ, then yeah... I know what it means.
Actually your example "saved by the Blood of Christ" is an abstraction without an event. A common one used by the Roman Catholic Church with its misuse of John 6:54. "Saved by the Blood of Christ" is a abstract thought used to convey the sacrifice of Jesus as the power behind salvation. Many other terms can be used for the same idea. The "love of God", "the power of the Cross" or "the grace of the Lord" among many others are abstractions without events. In other words, a general term used to convey the purpose or intent but not the means to a result.
In civics classes the Preamble of the Constitution is a classic example of an abstraction without an event. The Preamble declares the intent of the Founding Fathers but it is the Constitution and Bill of Rights that are the means to our rights. No one appeals to the Preamble but the written rights themselves.
It is these general statements that faith alone regeneration theology is based.