Default [Q] (Verizon) Switching phones during contact?

Well I recently got a Galaxy S4 (subsidized) on Verizon with a 2 year contract. However, if I were to buy a phone (e.g. Nexus 5), would they allow me to deactivate my Galaxy S4 and activate my Nexus 5 as long as I continue to pay for the contract?

Thanks,

-SwiftLeeO
Phone: LG Nexus 5 (hammerhead)
ROM: CyanogenMod 11 Nightlies
Recovery: TWRP 2.6.3.4