Broken iPhone 5 lock button. Can I get a replacement?

In April 2013 I got an iPhone 5 with a 3 year contract. Along with that contract I got a 3 year warranty/insurance. I pay $12 a month for the insurance, and I was told if my phone broke, such as broken button, camera not working, etc. That I will get a replacement. I was told that I will get another iPhone as a replacement, or if there isn't an iPhone 5 available, I will get the next iPhone, which is either the iPhone 5S or 5C. The iPhone 5 has been discontinued.So, my lock button isn't working, about 1/3 of the button works, he other third is somewhat responsive after at least 5 clicks, and the rest is completely unresponsive. This is very very annoying, and with my case on my phone, it takes much more times to click to button to lock it. I love my iPhone 5, but if this continues I want to get a replacement, hopefully.So, since I have this insurance can I get a replacement? Will they just install a new button? If I get a replacement, will I get an iPhone 5S or 5C? No offence to you iphone 5C fans, but the 5C is hideous.So, can you answer these questions please? Any other into I need to know?

Odds are you will get a refurbished iPhone 5.

New or like new, same model even color. If it has no physical damage they will most likely process a warranty exchange. Warranty exchange is for manu defects etc. Insurance is for user created issues. Be honest when answering the rep, because if you have phys damage and process the warranty exchange you WILL get an out of warranty fee, which normally runs a percentage of the retail cost of the device. These can vary a little depending on the carrier.