What happens if I report my iphone 5 lost?

Okay so my brother wants an iPhone 5 but he doesn't want to pay that much. So I was thinking if I report it lost I can give him the new one since I have insurance for it. If I report it lost will the iPhone 5 that I'm using right now still work. I have t mobile.

Nothing will happened.duh.

They will mark it as stolen/lost which means it will no longer be usable unless you just want to use it like an ipod touch instead of a phone. Even with insurance you will need to pay a fee, its not free.

You know, companies aren't stupid and don't just hand out free stuff no matter what Obama has made you think.

It will be blacklisted on all carriers making it useless as a phone.

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