service call out timeout error

[skarthi]

i am new to apigee need help for following.

in service call out policy i have following code

<ServiceCallout name='ServiceCalloutGetMockResponse'>
        <DisplayName>ServiceCallout.GetMockResponse</DisplayName>
        <Request variable="myrequest">
         <Set>
           <Headers>
            <Header name="apikey">keyvalue</Header>
           </Headers>
           <Verb>POST</Verb>
         </Set>
        </Request>
        <Response>mockresponse</Response>
        <HTTPTargetConnection>
          <URL>https://mocktarget.apigee.net/v1</URL>
        </HTTPTargetConnection>
    </ServiceCallout>

but in trace i able to see like servicecallout.requesturi: /v1 only. is it correct?

and getting 500 timeout error.

can any one help me how to resolve this issue .

and one more doubt in AssignVariable <Template> is used what is the purpose of it and from where value is being pulled to that variable.

Thanks in Advance.