I've purchased insurance from Walmart before. If your phone is broken or is no longer usable. Walmart will give you a Walmart gift certificate for the cost which you paid for the phone. Make sure you register your phone online. When the phone is no longer usable go online and let Walmart know your phone is broken. Walmart will send you an envelope to send your broken phone back. Once you've sent the phone back you'll receive your gift certificate in your email. It was an easy process. If you lose your phone you're out of luck.
You should call the store and inquire. They should have told you at the register.
Thanks! Your answer is awaiting moderation.