Yep. That's it. THe beauty of a sim card. Basically, your plan is all active on your sim card, and whatever phone you put it in, that phone works with your plan.....as long as it's a 4g LTE device compatible on VZW's network. This is what GSM users in Europe enjoy. They buy the phone they want, then get a sim card from the provider they want. If they don't like their provider, they can switch to another. Unlike the TDMA, CDMA, IDEN, GSM mess we've had here in the US over the last 20 years. People may mock socialism, but it's clearly better for the consumer over there.
If we GSM only here like in europe, you could just get an unlocked phone and go with whatever plan/provider you wanted.