“What does (unlocked) mean at the end of the device name? Also, I want to activate directly through my existing account with Verizon. Do I need to go to their store or can I call them to activate?”
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"Unlocked" means it can work with any carrier and can be moved between them, if carrier supports the frequency bands this device uses. As opposed to a "locked" device, which has firmware that locks the device that that specific carrier. I cannot answer the Verizon question definitively, but if it's like Xfinity Mobile you might be able to just use the app/website, in addition to calling or going to the store.
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