Document:

EXHIBIT 10.1

                             STOCK OPTION AGREEMENT

                  THIS STOCK OPTION AGREEMENT is made and entered into as of the
date indicated on the signature page under "Date of Agreement" by and between
MGIC Investment Corporation, a Wisconsin corporation (the "Company"), and the
employee of Mortgage Guaranty Insurance Corporation whose signature is set forth
on the signature page hereto (the "Employee").

                                  INTRODUCTION

     The Company is granting options to purchase shares of the Company's Common
Stock, $1.00 par value per share (the "Stock"), to the Employee under the MGIC
Investment Corporation 2002 Stock Incentive Plan, as amended (the "Plan") and
this Agreement.

     This Agreement consists of this instrument and the Incorporated Terms Dated
As of _________________________ to Stock Option Agreement (the "Incorporated
Terms"), which although not attached to this instrument, are part of this
Agreement and were provided to the Employee as indicated in Paragraph 1(b)
below.

     The parties mutually agree as follows:

     1. (a) The Company hereby grants to the Employee the right and option (the
"Stock Option") to purchase from the Company, on the terms and conditions herein
set forth, the number of shares of Common Stock set forth on the signature page
hereof after "Number of Shares" (the "Option Shares"), at a purchase price per
share set forth on the signature page after "Option Price Per Share" (the
"Option Price"), exercisable as hereinafter stated; provided, however, that such
number of shares and/or Option Price is subject to adjustment as provided in
Section 6 of this Stock Option Agreement. The Stock Option shall be exercisable
in whole or in part, to the extent provided in Section 4 hereof. The Stock
Option is a nonstatutory stock option and not an Incentive Stock Option within
the meaning of Section 422 of the Internal Revenue Code of 1986, as amended.

     (b) The Incorporated Terms are incorporated in this instrument with the
same effect as if they were physically set forth in this instrument. The
Incorporated Terms and this instrument constitute a single agreement which is
referred to as "this Agreement." The terms "herein," "hereof," "above" and
similar terms used in this Agreement refer to this Agreement and not to this
instrument or the Incorporated Terms. The Incorporated Terms were attached to an
e-mail sent in _________________________ to the Employee from the Company's
Secretary which included other documents relating to the Stock Option. The
Company is hereby advising the Employee to print and retain a copy of the
Incorporated Terms. The Employee agrees if there is any difference between the
text of the Incorporated Terms received as indicated above and the text of the
Incorporated Terms retained by the Company's Secretary in connection with the
_________________________ meeting of the Management Development Committee, the
text of the copy retained by the Secretary will control.

<PAGE>

     IN WITNESS WHEREOF, the Company has caused this Agreement to be executed by
its duly authorized officer, and the Employee has hereunto affixed his hand and
seal, all as of the day and year set forth below.

     Date of Agreement:  As of

                             MGIC INVESTMENT CORPORATION

                             By:__________________________________________
                             Title:  President and Chief Executive Officer

          Sign Here:  -->    _____________________________________________(SEAL)
                             Name of Employee:____________________________
                             Number of Shares:____________________________

                             Option Price Per Share:    $
                             Final Termination Date:
                             (See Section 4(b)(iv) of Incorporated Terms)

                                VESTING SCHEDULE
                    (See Section 4(a) of Incorporated Terms)

             Date:                         Percent Exercisable or Vested:
             ----                          -----------------------------

           Prior to                                      0%
                                                         20%
                                                         40%
                                                         60%
                                                         80%
                                                        100%

                                       2EXHIBIT 10.1.1

                               INCORPORATED TERMS
                          DATED AS OF _________________
                                       TO
                             STOCK OPTION AGREEMENT

     The following are the "Incorporated Terms" referred to in the instrument
entitled "Stock Option Agreement" which refers to these Incorporated Terms and
which has been signed by the Company and the Employee (the "Base Instrument").
The Incorporated Terms and the Base Instrument constitute a single agreement and
that agreement consists of the Base Instrument and the Incorporated Terms. The
Incorporated Terms dovetail with the Base Instrument; because the last paragraph
of the Base Instrument is Paragraph 1, the Incorporated Terms begin with
Paragraph 2.

     2. (a) The Stock Option, and any part thereof, shall be exercised by the
giving of ten days' (or such shorter period as the Company may permit) prior
written notice of exercise to the Secretary of the Company in a form determined
by the Company from time to time, which form shall, among other things, specify
the number of whole Option Shares to be purchased, and shall be accompanied by
payment in full of the aggregate Option Price for the number of Option Shares to
be purchased. A partial exercise of the Stock Option may not be made with
respect to fewer than ten (10) Option Shares unless the Option Shares purchased
are the total number then available for purchase under the Stock Option. Such
notice shall be deemed to have been given when hand-delivered or telecopied to
the person that the Company may specify from time to time, and, shall be
irrevocable and unconditional once given.

          (b) The aggregate Option Price for such Option Shares may be paid
either by cash or a certified or bank cashier's check payable to the order of
the Company, or as otherwise permitted by the Company. The Company hereby
permits such Price to be paid by delivery to the Company of shares of Common
Stock having a Fair Market Value on the day prior to exercise of the Stock
Option equal to such Price, provided such delivery will not result in a charge
to earnings. If the number of shares of Common Stock determined pursuant to the
preceding sentence includes a fractional share, the number of shares delivered
shall be reduced to the next lower whole number and the Employee shall deliver
to the Company cash or its equivalent in lieu of such fractional share, or
otherwise make arrangements satisfactory to the Company for payment of such
amount. Unless such payment method is prohibited by law, including Section 402
of the Sarbanes-Oxley Act of 2002, the Company further permits such Price to be
paid as contemplated in Section 2.4(c) of the Plan, subject to the Company's
right to specify the date on which funds on account of the exercise are to be
paid to the Company.

          (c) The Employee shall be responsible for paying all withholding taxes
applicable to the exercise of any Stock Option. The Company shall have the right
to take any action necessary to insure that the Employee pays the required
withholding taxes. The Employee shall be permitted to satisfy the Company's tax
withholding requirements by making an election (the "Election") to have the
Company withhold Option Shares otherwise issuable to the Employee, or to deliver
to the Company shares of Common Stock, in each case having a Fair Market Value
on the day prior to the day on which income is recognized with respect to the
exercise of the Stock Option (the "Tax Date") equal in amount to the amount to
be so withheld.

<PAGE>

If the number of shares of Common Stock determined pursuant to the preceding
sentence includes a fractional share, the number of shares withheld or delivered
shall be reduced to the next lower whole number and the Employee shall deliver
to the Company cash or its equivalent in lieu of such fractional share, or
otherwise make arrangements satisfactory to the Company for payment of such
amount. The Election shall be irrevocable and must be received by the Secretary
of the Company at his corporate office on or prior to the Employee's Tax Date.
The Election shall be made in writing and be in such form as the Company shall
determine.

          (d) Upon payment of the aggregate Option Price for the Option Shares
and the required withholding taxes, the Company shall cause a certificate for
the Option Shares so purchased to be delivered to the Employee.

     3. Neither the Employee nor his legal representative shall be or have any
rights or privileges of a shareholder of the Company in respect of any of the
Option Shares issuable upon exercise of the Stock Option unless and until a
certificate or certificates for such Option Shares shall have been issued upon
the exercise of the Stock Option.

     4. (a) The Stock Option shall be deemed to have been granted as of the date
of this Stock Option Agreement and shall become exercisable or vested as
follows:

          (i) The percentage of the Option Shares which shall vest and may be
     exercised by the Employee shall be as set forth on the signature page
     hereof under "Vesting Schedule" with respect to each date set forth
     thereon. For purposes of such vesting schedule, vesting shall occur on the
     date specified and in the percentage indicated in such schedule; and

          (ii) Without limiting the discretion of the Committee to act in other
     cases, if a "Change in Control of the Company" (as defined in the Annex
     attached hereto) occurs, the Stock Option shall become fully vested and
     exercisable in full as of the date thereof.

          (b) If the Employee's employment with the Company terminates for any
reason, the Stock Option to the extent not exercisable or vested as of the date
of termination shall not become exercisable or vested as a result of events
(including the passage of time or the achievement of another anniversary date
for vesting and exercise) occurring subsequent to the date of termination unless
a different result occurs in or pursuant to Section 4(e) below. Except as
provided in or pursuant to Section 4(e) below, the vested but unexercised
portion of the Stock Option shall automatically and without notice terminate and
become null and void at the time of the earliest date (the "Termination Date")
to occur of the following:

          (i) Thirty (30) days after the termination of the Employee's
     employment with the Company and all subsidiaries thereof for any reason
     (including without limitation, disability or termination by the Company and
     all subsidiaries thereof, with or without cause) other than by reason of
     the Employee's death or a leave of absence approved by the Company or by
     reason of the Employee's retirement from the Company and all subsidiaries
     thereof after reaching age 55 and after

                                      -2-
<PAGE>

     having been employed by the Company or any subsidiary thereof for an
     aggregate period of at least seven (7) years; or

          (ii) Three Hundred Sixty-Five (365) days following the termination of
     the Employee's employment with the Company and all subsidiaries thereof by
     reason of the Employee's death or by reason of the Employee's retirement
     from the Company and all subsidiaries thereof after reaching age 55 and
     after having been employed by the Company or any subsidiary thereof for an
     aggregate period of at least seven (7) years; or

          (iii) Thirty (30) days after expiration or termination of a leave of
     absence approved by the Company unless the Employee becomes reemployed with
     the Company prior to such 30-day period in which event the Stock Option
     shall continue in effect in accordance with its terms; or

          (iv) the date set forth after "Final Termination Date" on the
     signature page hereof.

          (c) The Management Development, Nominating and Governance Committee of
the Company's Board of Directors (the "Management Development Committee") or
other Committee of such Board administering the Plan (the Management Development
Committee or such other Committee is herein referred to as the "Committee"), in
its sole discretion, may from time to time accelerate or waive any conditions to
the exercise of the Stock Option.

          (d) If the Employee dies while in the employ of the Company or any
subsidiary then, regardless of whether the Stock Option is subject to exercise
under Section 4(a) above, the Stock Option shall become immediately vested and
exercisable by the personal representative of the Employee or the person to whom
the Employee's rights under the Stock Option are transferred by law or
applicable laws of descent and distribution.

          (e) (i) If the Employee's employment with the Company and all
subsidiaries terminates by reason of retirement after reaching age 62 and after
having been employed by the Company or any subsidiary thereof for an aggregate
period of at least seven (7) years, (A) the Stock Option shall continue to vest
on each date set forth under "Vesting Schedule" on the signature page if (x) no
later than the date on which employment terminates, the Employee enters into an
agreement with the Company (which agreement shall be drafted by and acceptable
to the Company) under which the Employee agrees not to compete with the Company
and its subsidiaries during a period ending one year after the latest date set
forth under such Vesting Schedule, and (y) the Employee complies with such
agreement, and (B) if the conditions in clause (A) are satisfied, (x) upon the
Employee's death any unvested portion of the Stock Option shall become
immediately vested and exercisable by the personal representative or other
person referred to in Section 4(d) and (y) the Termination Date shall be 365
days after the date on which the last vesting of the Stock Option occurs
(including vesting as a result of death), except that if the Employee was
employed by a combination of the Company or any subsidiary of WMAC Investment
Corporation or any of its subsidiaries for an aggregate continuous period

                                      -3-
<PAGE>

(disregarding any break in service of less than three months) of at least twenty
(20) years, the Termination Date shall be the date specified in Section
4(b)(iv).

          (ii) If the Employee's employment with the Company and all
subsidiaries terminates by reason of retirement after reaching age 55 and after
having been employed by the Company or any subsidiary for an aggregate period of
at least seven (7) years, without creating any implication that the Committee
may not act in other cases, the Committee may take action in its sole discretion
to provide that the Stock Option, or a portion thereof determined by the
Committee, shall become vested upon the Employee's death, shall continue to vest
during the balance of the vesting period and shall continue to be exercisable
after termination of employment, all as contemplated in Subsection 4(e)(i) above
if the Employee complies with the conditions in clauses (x) and (y) of
Subsection 4(e)(i).

          (iii) If the Employee enters into a noncompetition agreement
contemplated by Subsection 4(e)(i) or (ii) and thereafter breaches the terms
thereof, the Termination Date shall occur on the date of the breach and any
portion of the Stock Option that is not then vested shall not become exercisable
or vested thereafter.

     5. Nothing herein contained shall confer upon the Employee the right to
continue in the employment of the Company or affect the right of the Company to
terminate the Employee's employment at any time, or permit the exercise of the
Stock Option as a result of the Company electing to terminate at any time the
employment of the Employee subject, however, to the provisions of any agreement
of employment between the Company and the Employee. The Employee acknowledges
that a termination of employment could occur at a time at which the portion of
the Stock Option that is not exercisable or vested could have substantial value
and that as a result of such termination, the Employee will not be able to
realize such value nor will the Employee be entitled to any compensation on
account of such value. In addition, the Employee acknowledges that a termination
of employment will likely cause the vested but unexercised portion of the Stock
Option to terminate earlier than it otherwise would, with the result that the
value to the Employee of having a longer exercise period will be lost without
any compensation to the Employee on account of such loss.

     6. In the event of any change in the outstanding shares of the Company
("capital adjustment") for any reason, including but not limited to, any stock
split, stock dividend, recapitalization, merger, consolidation, reorganization,
combination or exchange of shares or other similar event, an adjustment in the
number or kind of shares of Common Stock subject to the Stock Option, the Option
Price under the Stock Option shall be made by the Committee in a manner
consistent with such capital adjustment. The determination of the Committee as
to any such adjustment shall be conclusive and binding for all purposes of this
Stock Option Agreement.

     7. Notwithstanding any provision of this Stock Option Agreement to the
contrary, the Committee may take whatever action it may consider necessary or
appropriate to comply with the Securities Act of 1933, as amended, or any other
applicable securities law, including limiting the exercisability of the Stock
Option or the issuance of Option Shares hereunder.

                                      -4-
<PAGE>

     8. The Stock Option may not be exercised if the issuance of such Option
Shares upon such exercise would constitute a violation of any applicable Federal
or state securities law or other law or regulation. As a condition to the
exercise of the Stock Option, the Company may require the Employee to make any
representation and warranty to the Company as may be required by any applicable
law or regulation.

     9. Except as herein otherwise provided or as otherwise permitted by the
Committee, the Stock Option and any rights and privileges conferred by this
Stock Option Agreement shall not be transferred, assigned, pledged or
hypothecated in any way (whether by operation of law or otherwise) and shall not
be subject to execution, attachment, or similar process. Upon any attempt so to
transfer, assign, pledge, hypothecate, or otherwise dispose of the Stock Option,
or of any right or privilege conferred hereby, contrary to the provisions
hereof, or upon the levy of an attachment or similar process upon the rights and
privileges conferred hereby, the Stock Option and the rights and privileges
conferred hereby shall immediately become null and void.

     10. The Stock Option shall be deemed to have been granted pursuant to the
Plan and is subject to the terms and provisions thereof. In the event of any
conflict between the terms hereof and the provisions of the Plan, the terms and
conditions of the Plan shall prevail. Any and all terms used herein, unless
otherwise specifically defined herein, shall have the meaning ascribed to them
in the Plan. A copy of the Plan is available on request of the Employee made in
writing or by e-mail to the Company's Secretary.

     11. This Stock Option Agreement shall be binding upon and inure to the
benefit of the parties hereto and any successors to the business of the Company,
but neither this Stock Option Agreement nor any rights hereunder shall be
assignable by the Employee, except as may be permitted pursuant to Section 9
above.

     12. All decisions or interpretations of the Committee with respect to any
question arising under the Plan or under this Stock Option Agreement shall be
binding, conclusive and final. As a condition of the granting of the Stock
Option, the Employee agrees, for himself and his personal representatives, that
any dispute or disagreement which may arise under or as a result of or pursuant
to this Stock Option Agreement shall be determined by the Committee in its sole
discretion, and that any interpretation or determination by the Committee shall
be final, binding and conclusive. Such determinations need not be uniform and
may be made differently by the Committee with respect to other employees of the
Company who are, have been, or will be granted stock options by the Company.

     13. The waiver by the Company of any provision of this Stock Option
Agreement shall not operate as or be construed to be a subsequent waiver of the
same provisions or waiver of any other provision hereof.

     14. Except as herein otherwise provided, the Stock Option shall be
irrevocable before the Termination Date and its validity and construction shall
be governed by the laws of the State of Wisconsin (excluding the conflict of
laws provisions of such laws).

                                      -5-
<PAGE>

     15. As a condition to the grant of the Stock Option, Employee must execute
an agreement not to compete in the form provided to the Employee by the Company.

     The end of Paragraph 15 is the end of the Incorporated Terms. The remainder
of the Agreement is contained in the Base Instrument.

                                      -6-
<PAGE>

                                      ANNEX

       Definition of "Change in Control of the Company" and Related Terms

     1. Change in Control of the Company. A "Change in Control of the Company"
shall be deemed to have occurred if an event set forth in any one of the
following paragraphs shall have occurred:

          (i) any Person (other than (A) the Company or any of its subsidiaries,
     (B) a trustee or other fiduciary holding securities under any employee
     benefit plan of the Company or any of its subsidiaries, (C) an underwriter
     temporarily holding securities pursuant to an offering of such securities
     or (D) a corporation owned, directly or indirectly, by the shareholders of
     the Company in substantially the same proportions as their ownership of
     stock in the Company ("Excluded Persons")) is or becomes the Beneficial
     Owner, directly or indirectly, of securities of the Company (not including
     in the securities beneficially owned by such Person any securities acquired
     directly from the Company or its Affiliates after July 22, 1999, pursuant
     to express authorization by the Board of Directors of the Company (the
     "Board") that refers to this exception) representing 50% or more of either
     the then outstanding shares of common stock of the Company or the combined
     voting power of the Company's then outstanding voting securities entitled
     to vote generally in the election of directors; or

          (ii) the following individuals cease for any reason to constitute a
     majority of the number of directors of the Company then serving: (A)
     individuals who, on July 22, 1999, constituted the Board and (B) any new
     director (other than a director whose initial assumption of office is in
     connection with an actual or threatened election contest, including but not
     limited to a consent solicitation, relating to the election of directors of
     the Company, as such terms are used in Rule 14a-11 of Regulation 14A under
     the Act) whose appointment or election by the Board or nomination for
     election by the Company's shareholders was approved by a vote of at least
     two-thirds (2/3) of the directors then still in office who either were
     directors on July 22, 1999, or whose initial appointment, election or
     nomination for election as a director which occurred after July 22, 1999
     was approved by such vote of the directors then still in office at the time
     of such initial appointment, election or nomination who were themselves
     either directors on July 22, 1999 or initially appointed, elected or
     nominated by such two-thirds (2/3) vote as described above ad infinitum
     (collectively the "Continuing Directors"); provided, however, that
     individuals who are appointed to the Board pursuant to or in accordance
     with the terms of an agreement relating to a merger, consolidation, or
     share exchange involving the Company (or any direct or indirect subsidiary
     of the Company) shall not be Continuing Directors for purposes of this
     Agreement until after such individuals are first nominated for election by
     a vote of at least two-thirds (2/3) of the then Continuing Directors and
     are thereafter elected as directors by the shareholders of the Company at a
     meeting of shareholders held

                              Annex - Page 1 of 3
<PAGE>

     following consummation of such merger, consolidation, or share exchange;
     and, provided further, that in the event the failure of any such persons
     appointed to the Board to be Continuing Directors results in a Change in
     Control of the Company, the subsequent qualification of such persons as
     Continuing Directors shall not alter the fact that a Change in Control of
     the Company occurred; or

          (iii) a merger, consolidation or share exchange of the Company with
     any other corporation is consummated or voting securities of the Company
     are issued in connection with a merger, consolidation or share exchange of
     the Company (or any direct or indirect subsidiary of the Company) pursuant
     to applicable stock exchange requirements, other than (A) a merger,
     consolidation or share exchange which would result in the voting securities
     of the Company entitled to vote generally in the election of directors
     outstanding immediately prior to such merger, consolidation or share
     exchange continuing to represent (either by remaining outstanding or by
     being converted into voting securities of the surviving entity or any
     parent thereof) at least 50% of the combined voting power of the voting
     securities of the Company or such surviving entity or any parent thereof
     entitled to vote generally in the election of directors of such entity or
     parent outstanding immediately after such merger, consolidation or share
     exchange, or (B) a merger, consolidation or share exchange effected to
     implement a recapitalization of the Company (or similar transaction) in
     which no Person (other than an Excluded Person) is or becomes the
     Beneficial Owner, directly or indirectly, of securities of the Company (not
     including in the securities beneficially owned by such Person any
     securities acquired directly from the Company or its Affiliates after July
     22, 1999, pursuant to express authorization by the Board that refers to
     this exception) representing at least 50% of the combined voting power of
     the Company's then outstanding voting securities entitled to vote generally
     in the election of directors; or

          (iv) the sale or disposition by the Company of all or substantially
     all of the Company's assets (in one transaction or a series of related
     transactions within any period of 24 consecutive months), other than a sale
     or disposition by the Company of all or substantially all of the Company's
     assets to an entity of which at least 75% of the combined voting power of
     the voting securities entitled to vote generally in the election of
     directors immediately after such sale are owned by Persons in substantially
     the same proportions as their ownership of the Company immediately prior to
     such sale.

     2. Related Definitions. For purposes of this Annex, the following terms,
when capitalized, shall have the following meanings:

          (i) Act. The term "Act" means the Securities Exchange Act of 1934, as
     amended.

          (ii) Affiliate and Associate. The terms "Affiliate" and "Associate"
     shall have the respective meanings ascribed to such terms in Rule l2b-2 of
     the General Rules and Regulations under the Act.

                              Annex - Page 2 of 3
<PAGE>

          (iii)Beneficial Owner. A Person shall be deemed to be the "Beneficial
     Owner" of any securities:

                    (a) which such Person or any of such Person's Affiliates or
          Associates has the right to acquire (whether such right is exercisable
          immediately or only after the passage of time) pursuant to any
          agreement, arrangement or understanding, or upon the exercise of
          conversion rights, exchange rights, rights, warrants or options, or
          otherwise; provided, however, that a Person shall not be deemed the
          Beneficial Owner of, or to beneficially own, (A) securities tendered
          pursuant to a tender or exchange offer made by or on behalf of such
          Person or any of such Person's Affiliates or Associates until such
          tendered securities are accepted for purchase, or (B) securities
          issuable upon exercise of Rights issued pursuant to the terms of the
          Company's Rights Agreement, dated as of July 22, 1999, between the
          Company and Firstar Bank Milwaukee, N.A., as amended from time to time
          (or any successor to such Rights Agreement), at any time before the
          issuance of such securities;

                    (b) which such Person or any of such Person's Affiliates or
          Associates, directly or indirectly, has the right to vote or dispose
          of or has "beneficial ownership" of (as determined pursuant to Rule
          l3d-3 of the General Rules and Regulations under the Act), including
          pursuant to any agreement, arrangement or understanding; provided,
          however, that a Person shall not be deemed the Beneficial Owner of, or
          to beneficially own, any security under this Subsection 1 (c) as a
          result of an agreement, arrangement or understanding to vote such
          security if the agreement, arrangement or understanding: (A) arises
          solely from a revocable proxy or consent given to such Person in
          response to a public proxy or consent solicitation made pursuant to,
          and in accordance with, the applicable rules and regulations under the
          Act and (B) is not also then reportable on a Schedule l3D under the
          Act (or any comparable or successor report); or

                    (c) which are beneficially owned, directly or indirectly, by
          any other Person with which such Person or any of such Person's
          Affiliates or Associates has any agreement, arrangement or
          understanding for the purpose of acquiring, holding, voting (except
          pursuant to a revocable proxy as described in Subsection 1(c) (ii)
          above) or disposing of any voting securities of the Company.

          (iv) Person. The term "Person" shall mean any individual, firm,
     partnership, corporation or other entity, including any successor (by
     merger or otherwise) of such entity, or a group of any of the foregoing
     acting in concert.

                               Annex - Page 3 of 3

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