begin conversation timer (@h) timeout =..

From examples I found concerning begin conversation timer and tried by myself I concluded the following:

1. In the code which initiate the conversation - it will define the time of delay till the conversation begins.
2. In the asynchronous procedure activated by the queue - it causes it to be executed in a loop, and define the time between the iterations.

Am I right?
Is there a way to count the iterations and to know (inside the procedure) how many time it has been activated?