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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 ...
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.
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.
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.
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.