Ajax call every minute using jQuery

As of these days most social networking sites are using this event to load most recent posts every second without refreshing page, stream and tweets like Facebook, Google+ and Twitter, it loads in the top part of the page. they are using latest technology like node.js and many more to reduce server load. you can also do same using a AJAX for your own purpose.

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JQuery Code

<script type="text/javascript">
    var i = 60;
    var myVar;
    function onTimer() {
        $('#mycounter').html(i);
        $('#timer_count').val(i);
        i--;
        if (i < 0)
        {
            getQuizinformation();
        } else
        {
            myVar = setTimeout(onTimer, 1000);
        }
    }
    onTimer();

    function getQuizinformation()
    {
        var formData = new FormData();
        var contact = $('#QuestionQuiz').serializeArray();
        $.each(contact, function (key, input) {
            formData.append(input.name, input.value);
        });

        $.ajax({
            type: 'POST',
            url: "submitquiz.php",
            data: formData,
            cache: false,
            contentType: false,
            processData: false,
            dataType: 'JSON',
            success: function (data) {
                i = 60;
                clearTimeout(myVar);
                onTimer();
                if (data.studentflag == 1)
                {
                    alert(data.message);
                }
            }
        });
    }
</script>