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Does your phone have a sim card in it? If so then remove and reinsert it and make sure it's inserted properly - If you still receive this error or if you do not have a sim card then I would visit a local corporate verizon store or call into customer service for a new sim card at no cost.
I know how important it is to make sure your phone is working reliably,musicbeerman. Crelin's suggestions are a great place to start. You can try removing and reseating your SIM http://vz.to/AwpDvc to help the phone recognize the SIM again. If you have a SIM and reseating it didn't work, has there been any damage to your phone? When did it stop working? If you don't have a SIM in the phone, a quick visit to one of our corporate stores http://bit.ly/3SdsA can take care of that little issue.
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