Lost iphone 5 on contract not insured?

So say for example you lose yojr iphone5 and you still have 6months+ to finish paying. You block it and stuff. Can you get a new phone, i'm confused what is actually happens?

You would need to have insurance on your phone to get a replacement phone. You would still be paying for 6 months for a phone you don't have. You would have to buy a new phone at full retail price like $600 for a replacement iPhone 5.

You lost it, they won't give you a new one, you still have the contract and you still have to pay for it. They will give you a new sim that you can put in a new phone if you buy one, but that's it.

Sorry but you could try going to the store and asking if you could cancell the contract they might cancel it but they might need details of mabeye some number that you had dialed or texted before you lost your phone because they have all the number you phone