An applicant for life insurance may question the validity and source of consumer information developed under which act?

The correct choice is the Fair Credit Reporting Act. This act provides consumers with certain rights regarding the information collected about them by consumer reporting agencies. Specifically, it allows individuals to request the source of information that was used to make decisions regarding their creditworthiness, which is directly applicable when applying for life insurance. Under this act, applicants have the right to know what data has been gathered about them, can review their consumer reports, and dispute any inaccuracies they find. This transparency is essential for applicants when they need to validate the information that may affect their insurance application.

The other acts mentioned do not focus specifically on consumer reporting information related to insurance applications. The Consumer Protection Act generally covers broader consumer rights and protection issues, the Insurance Information Act pertains more to the use of insurance-related information and does not specifically provide rights for questioning the validity of consumer information, while the Consumer Disclosure Act is not directly related to the specific inquiries regarding credit reporting or the sources of consumer information.