"Hitting the bid" occurs when a dealer of stocks agrees to sell shares of the stock for another dealer's highest bid price. For instance, one dealer may wish to sell as stock for $10 per share, but may accept another dealer's highest offer of $9 per share, thus hitting the bid.
A "testator" is someone who has made a legally valid will or testament before death. The will becomes effective upon the death of the testator and governs distribution of the testator's estate.