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Business

Life Insurers Won't Compensate Terrorism

Insurance companies in Germany have begun following their American colleagues' examples in the wake of the 9/11 terrorist attacks by ruling out compensation payments for victims of terrorism. New life insurance policy holders may find that their contracts exclude coverage in the event of terrorist attacks with atomic, biological or chemical weapons. German companies have already changed their policies or are planning to do so soon, business daily Financial Times Deutschland reported. The German Insurance Association had recommended that insurers explicitly exclude such coverage, the paper wrote.