THIS OPINION HAS NO PRECEDENTIAL VALUE. IT SHOULD NOT BE CITED OR RELIED ON AS PRECEDENT IN NAY PROCEEDING EXCEPT AS PROVIDED BY RULE 239(d)(2), SCACR.

THE STATE OF SOUTH CAROLINA
In The Court of Appeals

Mappin Industries, Inc., and Roberta L. Mappin,        Appellants,

v.

Larry V. Mullins and CMC & Associates,        Respondents.

Appeal From Greenville County
Joseph J. Watson, Circuit Court Judge

Unpublished Opinion No. 2004-UP-154
Submitted February 9, 2004 – Filed March 9, 2004

AFFIRMED

D. Garrison  Hill, of Greenville, for Appellants.

W. Howard Boyd, Jr. and Fred W. Suggs, III, both of Greenville, for Respondents.

PER CURIAM: This case involves a change of life insurance beneficiary form executed but not received by the insurance company’s home office before the insured’s death.  The owners of the policy brought this action against the insurance broker responsible for delivering the change of beneficiary form, alleging his failure constituted breach of contract and negligence.  The trial court granted summary judgment in favor of the broker.  We affirm.

FACTS

In 1997, Mappin Industries obtained a loan from SouthTrust Bank.  Roberta Mappin, the sole shareholder of Mappin Industries, signed for the loan, and Charles Theodore, a business associate of both Roberta and her husband George, cosigned for the loan.  As a condition of the loan, SouthTrust required that Mappin Industries buy insurance policies on the lives of both Roberta and Charles in the amount of one million dollars each.  Mappin Industries bought these required policies from First Colony Life Insurance Company through Larry V. Mullins, an insurance broker in Greenville.  The proceeds of the polices were assigned to SouthTrust.

Mappin Industries’ loan was subsequently acquired by Carolina First Bank, which did not require an assignment of life insurance proceeds.  However, Mappin Industries continued to pay the premiums on the policies.