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In that case, you'd report the medical expenses related to the incident as miscellaneous (other) income. Punitive damages are taxable except in certain wrongful death cases, as are awards for employment discrimination and injury to reputation (libel, slander, defamation, etc.).
In most, but not all cases, life insurance death benefits are not taxable income. Whether you receive a lump sum or periodic payments, as long as the amount does not exceed the death benefit specified in the policy, the proceeds are not taxable income.