Well, this might be the first time, but your dealer is absolutely correct. The serpentine belt powers the fan, alternator, power steering and air conditioner. Years ago, you might of called it the fan belt or alternaotr belt. Basically the serpentine belt is one long belt that does the work of 1 or 2 belts.
The timing chain is inside the front cover of the engine. The belt does run the water pump, but the main reason for the timing belt is turning the cams that control the valves.
Also, when you replace the timing belt, you have to remove the serpentine belt, since the cost of replacing the serpentine belt is labor, it usually makes sense to replace that when you take it off.
Also, you can look at the timing belt by taking off the cover, even if it looks fine, you don't want to risk the potential cost of it breaking as it may bend your valves. The V8 is an interference engine meaning, $$$ if it breaks.
I kind of sound like a dealer, sorry about that.
