I need assistance understanding the locking being reported in a resource-list. In the list below is my understanding of the lock modes correct?

resource-list

keylock hobtid=72057596324413440 dbid=5 objectname=LVTS.dbo.allocations indexname=allocations_pk id=lockea25d40 mode=X associatedObjectId=72057596324413440
owner-list
owner id=processc811f8 mode=X
waiter-list
waiter id=processd147a8 mode=S requestType=wait

My interpretation:
Process processc811f8 owns an EXCLUSIVE lock on the resource LVTS.dbo.allocations through an index named allocations_pk.

The waiter-list indicates another process is waiting on a locked resource. In this case process processd147a8 is waiting to apply a SHARED lock to LVTS.dbo.allocations.

keylock hobtid= dbid=5 objectname=LVTS.dbo.ticket indexname=ticket_ix0 id=lock19779500 mode=U associatedObjectId=
owner-list
owner id=processd147a8 mode=S
waiter-list
waiter id=processc811f8 mode=X requestType=convert

My interpretation:
Process processd147a8 owns an UPDATE lock on the resource LVTS.dbo.ticket through an index named ticket_ix0.

The waiter-list indicates another process is waiting on a locked resource. In this case process processc811f8 is waiting to apply an EXCLUSIVE lock to LVTS.dbo.ticket.

Is this correct? If so I am confused why my process-list is showing the victim as running an Insert statement and not an Update statement. The Update statement is being run by the deadlock winner.

Thanks, Dave