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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.).
The notice and consent documentation must be obtained before the life insurance policy is issued. Failure to comply with section 101(j) results in policy proceeds paid on the death of the insured employee being taxable to the extent that proceeds exceed premiums paid and other costs incurred in obtaining the insurance.