I want to use my parent's old Alltel phone under my old Verizon number. Why can't I?

My old phone was stolen and I need a new one, so I'm using one of their old ones- but I tried to switch phones under my Verizon account and it has an error code saying PRICE PLAN EQUIP CODE DOT INVALID FOR DACC P0309/A_AX155. I have no clue what this even means...
 
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