Very high polarization degree of 0.98, considerably larger than theoretical predictions, has been measured in (202¯1¯) In0.24Ga0.76N/GaN quantum well by low temperature photoluminescence. With increasing temperature, the polarization degree decreases due to thermal population of the excited valence band level. This effect suggests an accurate method to determine the interlevel energy, which, for the studied well, is 32 meV. Time-resolved photoluminescence measurements set radiative recombination times between 2 and 12 ns for temperatures from 3 to 300 K. Nonradiative recombination was found to be slow, over 2 ns at 300 K, taking place via traps with activation energy of 0.19 eV.