A:
Greg - Polar's H7 heart rate sensor communicates on both Bluetooth Smart as well as a 5 kHz coded frequency. I would confirm with Diamondback if this recumbent exercise bike has the ability to receive on either one of these frequencies.
If it has the ability to receive on the 5 kHz, then the process should be seamless and not require anything of you other than wearing the strap as designed and letting the receiver within the bike to pick up the signal. If it receives on the Bluetooth Smart, then there may be a pairing process that is needed - Mike @ Polar USA