Why does WebUI.verifyElementPresent require a timeOut?

KS has both a WebUI.verifyElementPresent(testObject, timeOut) and WebUI.waitForElementPresent(testObject, timeOut).

I have found that using a timeOut = 1 for verifyElementPresent simply saves time that was otherwise wasted if I set timeOut to any higher number, so the timeOut does not seem to function as intended.

Are these functions (verifyElementPresent, waitForElementPresent) identical? If they are not identical, please delineate in what ways and their most effective use.

Also, If they are not identical, then it would seem reasonable to deprecate the need for a timeOut with verifyElementPresent so that it conforms to the same syntax as WebUI.verifyElementVisible(obj) and WebUI.verifyElementClickable(obj). Neither of which require a timeOut.

Also, there already exist functions such as: waitForElementPresent(testObject, timeOut), waitForElementVisible(testObject, timeOut), and WebUI.waitForElementClickable(testObject, timeOut) that appropriately require a timeOut.

Thank you