A bimolecular reaction involves the collision of two particles. The rate of reaction depends on the product of the concentrations of both species involved, which makes bimolecular reactions the second order reaction .The given rate law
rate=k[A][B] is a possible rate law for the bimolecular reaction beacuse the reaction may look like this
A + B ----> Product
which is a bimolecular reaction having two colliding particles.
Yes, it corresponds to the bimolecular reaction.