EX13-029 FlameWizardmon

It refers to a card that contains the specified text or icon in its name, traits, effects, inherited effects, (Rule), digivolve requirements, DNA Digivolve, DigiXros requirements, Burst Digivolve, App Fusion, Link, or Assembly requirements.For example, "a card with [Knightmon] in its text" would include cards with the name [DarkKnightmon] and cards with the text [Knightmon] in their effects.

It checks if that card has [AA] or [BB] in its text.

No, you can't.For this card's [When Digivolving] [When Attacking] effect, if you don't trash the top card of your security stack, you can't resolve the portion following "After."

No, it is not immediately deleted at this point in time.All activated effects are resolved, after which a rule check occurs. At that point in time, all Digimon with 0 DP are deleted simultaneously.