What happens when you renew a phone contract?

I had brought a razor with a two contract plan. A year later, my phone got stolen and i replaceed it with a LG verizon phone thats really old with no screen in front. So when i upgrade next year, what type of phone will i get?Do i upgrade to new a verison of the phone i have now or do i pick whatever phones they have availiable?

You pick your phone and depending on the term of the contract you will get it free or pay a nominal amount.