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Verizon customers: If you have a new SIM card and are having problems activating it, try restarting your phone. If that doesn’t work, call Verizon Customer Care at (800) 922-0204.
That means that the Nexus 7 LTE works on Verizon's LTE network (but not the older 3G network) with a Verizon SIM card. Take a SIM from any currently-activated Verizon device, throw it in the Nexus ...
There's a solution for this. If you bought your phone with a Verizon SIM, you need to activate the new physical SIM using Verizon's app or website, use that one, and throw out the old one.
The Verizon SIMs are coming! The Verizon SIMs are coming! Now, now: before you head to the comments shouting “But Verizon doesn’t use SIM cards!”, remember: they do use’m for LTE.
But if you’re a Verizon customer, that two-line system might not work very well, at least for now, according to a report from PCMag. The issue is how the new iPhones handle having two SIM cards.