The CyLab at Carnegie Mellon University is one of the only centers looking at how to compose & display effective privacy notices online and off. One of their initiatives has been to make Privacy Nutrition labels. Their designs have emerged out of lots of user research into how normal people react to different kinds of signs and webpages that give them ‘warnings’ or ‘information on their rights’.
This is one example of a visual, colored table of a privacy policy, along with clear definitions and action paths to take.