Insurer claims OSU waited too long to cancel ‘Gift of a Lifetime’ policies, can’t recover $33M

Insurance co. claims Okla St can’t recover $33M

OKLAHOMA CITY — 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 has filed its lawsuit in Oklahoma.