I - Rules
(see WOD, p. 5-6)
If an attack by a monster or weapon with the Bleed ability inflicts at least 1 damage on the target (before applying the effects of armor) the target begins bleeding from numerous small wounds. After applying any wounds from that attack, place a bleed token next to the affected figure. A figure can have more than one bleed token at a time.
A figure that is bleeding is marked with a bleed token. At the start of that figure's next turn, its owner must roll the white die one time for each bleed token on the figure, losing wounds equal to the damage indicated by the die results. These wounds are not reduced by armor. After suffering this damage, all bleed tokens are discarded from the figure.
Example: Laurel of Bloodwood has 2 bleed tokens on her at the start of her turn. She rolls the white die twice, getting a total of 5 damage, so she loses 5 wounds, ignoring armor. She then discards the 2 bleed tokens.
II - References
Heroes with the Bleed ability: none.
Monsters with the Bleed ability: Ferrox.
Items granting the Bleed ability: Barded Blade, Bloody Dagger, Knuckle Dagger.