In most cases the replacement phone can be returned and the old one reactivated and the deductible refunded. I don't work for assurion so I don't know what the stipulations for this to happen are, there could be a certain time period in which this can happen.
This is insurance fraud because if it were possible what would stop me from buying a phone that is $200+ on contract and saying that I lost it to get a new phone, then selling my first one to a friend for the price of the deductible. This could be repeated a few times and I could actually make money on the phone that I bought for $200 by just selling 3 of the phones.
To the OP, I dont mean to sound like I am accusing you of attempting to do this. Just explaining why you would not... (continues)
Ever been in a car wreck and had your vehicle totaled? Does the insurance company write you a $5,000 and then send the car home with you? No!
Why not? Because they are effectively "buying" the car from you from a legal standpoint.
The same thing holds true for cell phone coverage. The moment you file an insurance claim, the claimed handset legally becomes property of Asurion Insurance and you do not own it any more. You are "legally" required to send the lost phone back to Asurion if it is found, or contact them to have the handset reactivated and the transaction reversed according to Asurion's business policy.
The moment you file a claim, "legal title" for the claimed equipment is transfered to the insurance company.
No. The phone belongs to Asurion. If your car were stolen and you receive a replacement from your automobile insurer and months later the original vehicle were recovered would they allow you to keep both?