What Does Conceive Mean?

Well, Conceive is a verb and can be used in different interpretations.  Devising an idea can be termed as conceiving an idea. More commonly it is used for the idea of having a child i.e. Conceiving a child (becoming pregnant). It can also be used to tell when something originated in the past, for e.g. The movement was (originated) conceived in the mid 70s. Moreover if you are unable to think of something or some event to occur, you can very well say that you can not conceive that it is possible. And lastly, now if you understand the meaning of "conceive" you can say that you conceived (understand) its meaning.

Uh why do you think I wanted to know the answer

Imagination...

The word conceived can be said to mean "formed" in the simplest of terms. It is used as the past tense of conceive.

A female who has successfully become pregnant with offspring is said to have conceived. It can be used in terms of animals and humans. To have conceived does not specifically purport having conceived as a result of sexual intercourse.
As conception in the above sense concerns birth it is also used to mean a beginning of sorts.

In terms of the human mind the understanding of some concept and the formation of an idea in the mind can also be referred to as "an idea conceived".

The word is derived from the Middle English word "conceiven", which was taken from the Old French word "concevoir" and can be traced to the Latin "concipere" meaning "intensive take" but has roots in the older Indo-European languages.

Conceive means conceptualize (Have the idea for).