Let's say I purchase the Verizon iPhone warranty. If the phone does break or if it gets stolen do they give you a new phone or do they give you a refurbished one? Also how long does it take for Verizon to give you a replacement?
If it's a manufacturer's defect then verizon will most likely replace it with a refurbished/"certified like new" phone. Only way you're covered on if it gets lost or broken is if you have the extra insurance through assurian. And for replacements, I've always received them in the next day or two.