All insurance policies and contracts covered by section 72C.11 shall be written in a logical, clear, and understandable order and form and shall contain at least the following items:
(a) on the cover or first or an insert page of the policy a statement that the policy is a legal contract between the policy owner and the company and the statement, printed in larger or other contrasting type or color, "Read your policy carefully";
(b) an index of the major provisions of the policy or contract, which may include the following items:
(1) the person or persons insured by the policy;
(2) the applicable events, occurrences, conditions, losses or damages covered by the policy;
(3) the limitations or conditions on the coverage of the policy;
(4) definitional sections of the policy;
(5) provisions governing the procedure for filing a claim under the policy;
(6) provisions governing cancellation, renewal, or amendment of the policy by either the insurer or the policy owner;
(7) any options under the policy; and
(8) provisions governing the insurer's duties and powers in the event that suit is filed against the insured.
In determining whether a policy or contract is written in a logical, clear, and understandable order and form the commissioner shall consider the following factors:
(a) the extent to which each provision for coverage is stated separately in a self-contained section, including the conditions relating to or limiting that section's effect;
(b) the extent to which sections or provisions are set off and clearly identified by titles, headings, or margin notations;
(c) the use of a more easily understandable format such as narrative or outline forms; and
(d) any additional factors relevant to a logical, clear, and understandable format which the commissioner may prescribe by rule.