(a) The insurance policy shall set forth all of the following:
(1) The amount of benefits that will be paid for covered family leave reasons.
(2) The definition of the wages or other income upon which the amount of family leave benefits will be based.
(3) How the wages or other income will be calculated.
(b) If the family leave benefits are subject to offsets for wages or other income received or for which the insured may be eligible, the policy shall set forth both of the following:
(1) All the wages or other income that may be offset.
(2) The circumstances under which it may be offset.