What happens to the lost iPhone 5s?

I've found myself in some money trouble and I thought I could report my iPhone 5s lost and get a new one from my insurance policy but I don't wanna do it if the "lost" iPhone is blocked etc so what happens to the iPhone and is there anything I can do to get away with it? I know it's wrong but I pay a lot for my contract and a lot of insurance

They will disable your current iphone.

  • What happens when I whipe my iPhone using Find my iPhone? My brother took my iPhone to work this morning and I got really upset, so I wiped my iPhone using Find my iPhone. I recently backed up, so that doesn't matter to me. What I want to know is what can he do with the phone? Can he still call and text? I know the contacts got erased but what else?
  • What happens to a t mobile iPhone that is lost? I did not loose my phone. But I know they give me a new one with a fee and I was told by the company that they lock the phone. But what I want to know is can they lock it without the SIM card? And when they say lock do they mean just unable to use another carrier on it or lock the whole phone completely.
  • What happens if you buy a iPhone of eBay and it happens to be stolen? I typed in a serial number of an iPhone into apple checker and it said the phone has not been activated? The phone is still sealed in its box is the phone ok to buy?
  • What happens if i report my iphone 6 lost at T-mobile? Would they be able to give me a brand new one? Would they track down the device. And whoever stole it, will they be able to use the phone? Also i have the plan Jump.