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The Rev. Jerry Falwell had life insurance policies worth $34 million and the money has been used to erase the debt of Liberty University, the school he founded.
The televangelist’s son, Liberty Chancellor Jerry Falwell Jr., said his father had named the university and the Thomas Road Baptist Church as beneficiaries to protect their future.
The policies left $29 million to Liberty; its debt had reached $82 million in 1992, but the school had succeeded in paying off a significant amount before the elder Falwell’s death.

Another $5 million went to the 22,000-member Thomas Road congregation, which Falwell had led, according to the News & Advance of Lynchburg.
Falwell Jr. said his father used to joke that when he ”kicked the bucket” the school would get a windfall. Falwell, a founder and leader of the Moral Majority, died last May.

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