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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.).
Your life insurance beneficiary probably won't have to pay income tax on death benefit received. Whoever receives the death benefit from your insurance policy usually does not have to pay federal or state income tax on those proceeds.