Insurance co. claims Okla St can't recover $33 million

OKLAHOMA CITY (AP) - The insurance company sued by billionaire booster T. Boone Pickens and Oklahoma State's athletic fundraising foundation claims the university breached its contract and has no right to recover $33 million in premiums.
Lincoln National Life Insurance Co. filed a separate lawsuit against Cowboy Athletics Inc. in federal court in Dallas last week. It says the school's representatives waited too long to cancel the insurance polices and are not entitled to a refund.
At issue is the school's "Gift of a Lifetime" program, which involved taking out $10 million insurance policies on 27 supporters - with the university as the beneficiary. OSU believed it would raise millions of dollars through the effort.
The university filed its own lawsuit in Oklahoma last week.


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