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Verizon iPhone 5 update eliminates carrier data usage while connected to a Wifi Network | 9to5Mac

Go to Settings>> General>> About>> then wait for a box to pop up prompting you about the carrier settings update... and say "yes"... then reboot the phone.

After your iPhone restarts, tap Settings > General > About, then scroll down to Carrier and verify that “Verizon 13.1″ is displayed.