Lost my iphone, claimed insurance but found my iphone. Will both work?

My question is i recently lost my iphone 5 (t-mobile) and had already called insurance and am receiving my new iphone5 through insurance. T-mobile had told me that they have lock/blocked my lost phone. But recently my friend had found my phone and is mailing it to me but what i want to know is that will i be able to use both the iphones? Or is the one i lost really locked and unable to use?

1 will work and the other will have to e unlocked.

NO.
The carrier has de-activated the older/lost phone, using its unique serial number and placed the phone on a nationwide list of cellphones which are lost or stolen.
This information is shared among all carriers.
The best alternative for you is to quickly try to cancel the insurance claim which probably cost you $100-$125 deductible.

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