Can you explain Defect Life Cycle?

When tester finds a defect while testing application, he will confirm deviation with expected result, registers defect (bug) in bug management tool like Bugzilla or JIRA. Bug status will be ‘New’, If defect is not agreed by product team or developer, its status will become ‘Rejected’.
When developer agrees with the defect in application, when assigned to developer, bug status will be ‘Open’, If Developer does not agree to the defect; its status will be ‘Deferred’.
‘Open’ bugs when resolved by developer its status becomes ‘Fixed’, once the bugs are fixed and build is retested for regression testing, defect is verified, i f defect is not resolved, bug will be ‘Reopen’, which will be reassigned to the developer for fixing. if defect is resolved and confirmed by tester then Bug status will be ‘Closed’.