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HEAT oil in large nonstick skillet on medium-high heat. Add chicken; cook 6 to 7 min. on each side or until done (165ºF). Remove chicken from skillet; cover to keep warm.
ADD broccoli, soup and VELVEETA to skillet; mix well. Cook on medium heat 7 min. or until VELVEETA is melted and sauce is heated through, stirring frequently.
SERVE chicken and broccoli mixture over rice.