What happens if you lose your new smartphone?

As many of us know, we get a huge discount with carrier contracts when buying a new phone, and we need to abide to the contract for monthly fees... be it data or whatever that is. And there is an "early termination" fee. What if someone loses his/her phone not long after he/she purchase it from a carrier with a contract? Can that person just activate another phone? How fees apply?What happens if you lose your new smartphone?
Hi.Cell phone companies offer insurance on phones.With insurance you can get a brand new phone at discount price if you were to loose your phone. You pay a monthly fee to have insurance though. Insurance also covers physical or liquid damage done to the phone too. With no insurance you'll have to pay full price for a new device no matter what if you buy directly from the phone provider.If you have a spare phone laying around,you can activate that instead with usually paying no fee's.