(1) All insurance policies subject to the provisions of KRS 304.14-420 to 304.14-450 shall be written in language easily readable and understandable by a person of average intelligence and education.
(2) In determining whether a policy or contract is readable within the meaning of this section the commissioner shall consider, at least, the following factors:
(a) The simplicity of the sentence structure and the shortness of the sentences used;
(b) The extent to which commonly used and understood words are employed;
(c) The extent to which legal terms are avoided;
(d) The extent to which references to other sections or provisions of the contract are minimized;
(e) The extent to which definitional provisions are incorporated in the text of the policy or contract; and (f) Any additional factors relevant to the readability or understandability of an insurance policy or contract which the commissioner may prescribe by regulation.