Exhibit 10.11


                             EXECUTIVE BONUS PLAN OF
                           MGIC INVESTMENT CORPORATION
                                 (the "Company")


The  Executive  Bonus  Plan of the  Company  in  effect  for 1999  (which is not
contained  in a formal  plan  document),  applies  to  certain  officers  of the
Company,  including the executive officers of the Company identified in the Form
10-K for the year ended  December 31, 1998.  Under the Executive  Bonus Plan, if
the  Company  achieves  a minimum  level of net income  for 1999,  an  executive
officer will be eligible for a bonus,  depending  upon the  executive  officer's
performance with regard to the achievement of individual  goals,  within various
ranges of up to 100% of such executive  officer's base salary,  depending on the
range applicable to the executive officer.