RuleManager: Meaning of Time Between

I haven't been able to find this in the RM documenation, so I'd like to ask it here:

When I use a time range for Rule Manager, how is it interpreted?

Does RM interpret the following:

Time between START and FINISH

as START <= Time <= FINISH or START <= Time < FINISH?

Based on posts I've seen, it appers to be former, but based on a few interesting rule failures I've had, I think it's the latter (which would also make more sense to me), but would like to confirm, if anyone happens to know.

Here are some examples that may be helpful
For a time range: "Time between 1:00 and 2:00" will be True from 1:00:00 until 1:59:59.999
For a certain time: "Time is 1:00" will be True from 1:00:00 until 1:00:59.999

Thanks! This is what my errors were telling me, but it wasn't clear from the documentation.

One more related question...

If I want something to be TRUE until 23:59:59.999, how do I do it? Will 00:00 automatically move to the next day, since it's the later of the two times, or can I use 24:00?

I'm not sure as I use a 12-hour clock with AM and PM. My guess is that 00:00 will give you the result you want. I'm not even sure if 24:00 is a valid time.