Arrays are a compound of variables of a joint type. You can access the single variables by indicating an index, GUI will automatically demand it when using the array. The size you may state in variable editor determines up to which index the array is initially filled with the initial value also shown in variable editor. Arrays start with index 0, so a size of x will cover 0, 1, 2, ..., x with the initial value.
When working with timers for example, those are objects that need to be created before you can use them. So Countdown - Timer - Start TimerArray[x] will only work if there is a valid timer behind this array index. That's why the standard initial value for timers in variable editor is "New Timer", so 0 to size of the array will acquire a fresh timer object.