Jews are commonly referred to as "the chosen people". I've heard it comes from Exodus 19:5 ("וִהְיִיתֶם לִי סְגֻלָּה מִכָּל הָעַמִּים", "ye shall be Mine own treasure from among all peoples", JPS). But what does this mean exactly? What is this "chosenness" or status as a "treasure"? Specifically does it mean
- that we're singled out for rights? for better treatment, by God, in this world? in the next?
- that we're singled out for responsibilities?
- that we're singled out for (kivyachol) emotions? that God loves us more?
- more than one of these? Something else?
To be clear: I'm asking specifically about Exodus 19:5. I'm asking about "chosen" only as an interpretation of Exodus 19:5, and not independently. (The reason for this is that it would be very hard to answer "what does 'chosen' mean when people say it" from sources; interpretation of a verse in Exodus may be easier.) If, or to the extent, "chosen" is not an interpretation of Exodus 19:5, I don't seek to know what "chosen" means.
I see a Wikipedia article on this, but it doesn't address this much and is unclear where it does. I seek sourced answers only, please.