I was able to successfully recreate the issue today while driving around town while logging my activity using the Telephony Logging Profile Apple sent me! I just got off the phone with my Apple Senior Advisor and uploaded the log files.
Hopefully this info will help Apple engineering get to the bottom of this issue!
Details:
Issue occurred on 10/1/2016 from 13:06 – 13:09 Mountain Time
13:06 – Phone dropped from LTE to “no service” while sitting at a traffic light. My wife was in the vehicle and her iPhone 7 (also on Verizon) displayed 4 bars of LTE at this time.
13:07 – still “no service”
13:08 – phone went from “no service” to 3G and stayed on 3G for probably 30 seconds to 1 minute
13:09 – phone eventually went back to a strong 4-5 bars of LTE while sitting in the same place as when I experienced the “no service” dropout.
This is actually great news. I'm unable to recreate it so far. This past week has been decent for my signal so weird.