You're probably running /usr/local/bin/php (the cli version) which always reports no limit on max_execution_time. You can try "/usr/bin/php -i | grep execution_time" for the cgi version, which reads the limit set in php.ini, or invoke /usr/local/lsws/fcgi-bin/lsphp5 (litespeed's php binary), or test via a webpage running phpinfo().
"which php" should show the version you ran just typing php, which is based on the order of your search path.