The late Rev. Jerry Falwell left a $34 million life insurance policy to the college and church he founded, ridding the financially troubled Liberty University in Lynchburg, Va., of its debt, his son said.
Most of the payment, $29 million, went to Liberty, which Falwell founded in 1971, and the rest was given to Thomas Road Baptist Church, Liberty Chancellor Jerry Falwell Jr. said. His evangelical minister father died in May at age 73.